No Own - No Sell

[Georgia Bard]

Safekeeping Receipt Fraud: (1) An itemized record of property/securities held at a bank or in an agency account managed by a trustee; (2) Financial fraudsters ask for POWER OF ATTORNEY over safekeeping receipts in order to borrow money [allegedly for investment] against the securities or other assets listed on the receipt. Once Power of Attorney has been granted, the fraudster is then able to either borrow funds or access the assets. Either way, you are left with nothing and with no immediate recourse except through the authorities.

Sound familiar? How about when Americans surrender their rights to brokers when depositing their securities they pay for and rightfully own? Does this simple description of a fraud scheme make the grade and of course since no transparency is required only voluntary how can nayone prove it?

Again in other words, Safekeeping Receipt Scam thus a SAFEKEEPING RECEIPT can be a negotiable instrument that means that it can be endorsed over to another party. The way this scam works is that the fraudsters asks you to provide him with a safekeeping receipt (or whatever the appropriate bank-issued receipt may be called) over which you give him a Power of Attorney. He may then either directly access your assets, or garner a loan against them, supposedly for purposes of investment. Since you have legally given him power over your assets, the bank or brokerage firm is not at fault and you will have to quickly alert the authorities in order to try to recoup. Frequently, the fraudster will say that you will receive a copy of the receipt, or he will say that you are to place the receipt itself into safekeeping and get a second safekeeping receipt, or any combination of procedures that will make you feel safe. As long as he has the ability to access anything belonging to you, he has the ability to steal it.

Just an interesting scam of fraud that sure does ring a bell.





"NO OWN - NO SELL" Petition:
http://www.petitiononline.com/NoShorts/petition.html
Proud To Be An American Against Terrorism & Its Propaganda!
:=) Gary Swancey