Posted by J.P. Vaughan on December 18, 1998 at 18:03:42:
“Prime Bank” Scams Resurfaces
As reported in USA TODAY on Wednesday, “A widespread investment
scam that lures victims with crafty financial jargon has returned…”
This is the “Prime Bank” scam. It involves telling potential investors they
can have access to a secret market in “prime bank” notes and debentures,
purportedly guaranteed by large European banks. The scam artists offer
returns as high as 1,000% a year.
While they might sound official, the so-called “prime banks” don’t exist.
This is a scam, folks.