Archive for May 2012

If you have paid money to anyone for a service like this, and are still waiting for the desired result, call me in complete confidence. I can usually help if you move quickly enough.

Bank instrument scams are usually offered to any of the following

Those looking for large project financing for which they can not qualify
Those in control where large sums of cash are held on deposit (e.g: escrow companies, corporate treasurers, etc)
Those who think they may have influence on those who control where large sums are held on deposit, or;
Those who hold themselves out to be any kind of financial broker
Legitimate investors seeking high returns

Bank instrument leasing scams come in a variety of looks, shapes, sizes and descriptions. The verbiage used to hook the mark into the scam can vary as well. Typical examples include:

HYIP or High Yield Investment Programs
HYTP or High Yield Trading Programs
Platform trading programs
MTN or Medium Term Note trading programs
Bank instrument trading programs
Credit enhancement programs
Sinking fund programs

These programs represent the most sophisticated misdirection techniques I have ever seen, as well as what I suspect are the most successful in history. Virtually all of them involve duping the mark, and often the brokers too, into believing that a balance showing on a statement is something more than what it is. Various real bank instruments are used for this con. Some of these instruments are:

SWIFT MT799
SWIFT MT760

By some estimates, this scam has existed for 30 years. I first saw it 15 years ago, and have been approached with more of them every year since. By now it has developed its own vernacular. Some of the terms used by the practitioners of these scams are:

"Top 25 bank"
"Trader"
"Platform Trader"
"High Yield Investment Program"
"Show Money"

SWIFT Codes are actually very easy to understand, in spite of their unfathomable appearance. The ‘MT’ at the beginning of the code stands for ‘Message Type’, and the number indicates one of the many standardized message formats which comprise the SWIFT messaging system.

How Do I Get A MT-799

The short answer is that you don’t. Approach your bank, and make an arrangement with them to have an MT-799 wired to the seller’s bank. Some banks are reluctant to issue MT-799′s, as these make them liable for the full cost of the trade, which can sometimes be in the millions. A bank will normally not issue an MT-799 without some form of collateral to secure their own interests, so be prepared to put up a hefty amount of collateral.

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