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Investor Alert
Public at Risk from Prime Bank Investment Scheme
The Manitoba Securities Commission is warning the public to be on the lookout for an
illegal and possibly fraudulent investment scheme. Investments described as "Prime
Bank Instruments" or "Bank Debenture Program" are being increasingly sold
to individuals who are at risk of losing their money.
Individuals are approached and asked to contribute funds to use in the purchase and
sale of Letters of Credit or Prime Bank Notes. Investors are told that by buying and
selling these Instruments on a quick turnover basis, investors can earn enormous returns,
as much as 2% per week. Investors are also told that the buying and selling of these
investments is secret within bank firms and investors are asked to keep all information
confidential. The individuals responsible for setting up these schemes explain to
potential investors that their money is being invested offshore. They present the investor
with an impressive Information Document in which the language may be complicated, leading
the investor to believe that the scheme is legitimate.
If you have purchased or been contacted to purchase any of these
"Prime Bank Instruments", please contact The Manitoba Securities
Commission and ask to speak with one of our investigators, Jan Banasiak
(204) 945-2556, Allan Galbraith (204) 945-1602 or Jason
Roy (204) 945-4116. If you live outside of Winnipeg, you can contact The Manitoba
Securities Commission toll free (in Manitoba) at 1-800-655-5244.
Nigerian Scheme
Illegal Investment Scheme Shows up on the Web
warns The Manitoba Securities Commission
The Manitoba Securities Commission is alerting the public to an international
investment scheme that has recently resurfaced on the Internet in Manitoba. The Nigerian
Scheme is illegal and fraudulent. " In the past, the letter was mailed to business or
personal addresses however, with the advancement of technology, the public should be aware
that these scams are going to be showing up on our personal computers, "says Doug
Brown of the Manitoba Securities Commission.
An investor will recognize the Nigerian Investment scam because the author requests the
investment be kept strictly confidential, to send money to Nigeria, and guarantees a rate
of return of 30 % or more. This scam is presented in a highly professional manner. The
e-mail contains letterhead, the authors credentials and encourages any interested investor
to contact the author by phone or fax.
The Securities Commission is warning the public to be wary of letters of this nature
for more information on how to protect yourself against Investment fraud, please see the
Commissions official web site at www.msc.gov.mb.ca. or contact Ainsley Cunningham,
Education and Information Officer at (204) 945-4733, toll free at 1-800-655-5244 or e-mail
at aicunningh@gov.mb.ca.
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