Scams - Bank Debentures
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Bank debenture frauds are one of the oldest and most widespread frauds in the world. There is nothing too ingenious about them and yet people get entrapped all the time. Even polished and big investors have been known to be victims of bank debenture frauds.
A bank debenture is legitimate. In fact, most banks issue debentures that are even traded on stock exchanges. A debenture is essentially an acknowledgment of debt issued by a bank. However, debentures are not to be confused with letters of credit and bank guarantees. These are private and confidential notes that are not traded publicly. Unfortunately, this is what many people do not realize and get lured by debentures cons that promise bank guarantees that will grow in value and make huge profits for the investor, Usually, these fraudulent guarantees are offered under the name of prime banks.
A typical bank debenture scam will use the language that is legitimate to the bank debenture trading. The forms, letters, and explanation will all make sense since they use legitimate practices for an illogical purpose. They guile people into believing that a few banks make exceptions and issue these guarantees for trading. Furthermore, they make the victim feel privileged as being one of the few contacted by the ‘bank’ for investing in the guarantee.
The cons are also likely to get the victim to swear secrecy for fear of losing privilege. They push people into investing in some offshore bank and then vanish. Most people fall into the trap since there is nothing like earning big money at no risk. It is a fluid fraud and keeps changing its color to avoid detection. For years, people have been fooled by these promises and end up investing thousands of dollars in them. The con artists either launder or use the invested money.
To avoid being conned into investing in such a swindle make sure you check with someone before you put your money in. Every traded debenture must be registered with the Securities and Exchange Commission and not matter how secret I might be you will find it there. If for some reason you cannot find it, you know you have been contacted by cons.
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