SEC Exposes Millennium Bank in Caribbean Ponzi Scam
Have u heard any bank running a ponzi scheme to dupe the clients ?
In a latest update ,Millennium Bank in Caribbean have been accused for falsely selling certificates of deposits resulting into a $68 million Ponzi scheme .
As per Securities and Exchange Commission ,Millennium was using fraudulent marketing tactics to purport itself as supporting capacity of a Swiss bank, thus further making offensive and a misleading falsehood of scheme, to attract the wealthy U.S Clients .
Millennium agents floated the banner advertisement over the internet for selling certificates as a sharp marketing strategy in order to hook the wealthy us investors.
The ads, with slogans like “Invest in Peace,” claimed higher interest rates compared with larger domestic rivals ,confirms SEC officials.
Infact federal court officials in Texas agreed to freeze assets after the SEC sued both companies and five people, including residents of North Carolina and California.
The suspects cloaked and masterminded their Ponzi scheme as a logical offshore investment and confirmed overweening profits which sounded too good for clients .
Earlier this year in February a same law suite was filed against , Texas billionaire R. Allen Stanford, whom the agency accused of defrauding investors out of as much as $8 billion.
Interestingly in both the cases agents were successful in convincing the investors about the security of money managed by a team of professionals under the watch of Caribbean regulators, according to the SEC.
Securities and Exchange Commission says people must be cautious and should act as alert citizen , while dealing with financial and investment firms outside the united states
source : bloomberg.com
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