Bergamo Acquisition Corp. (BGMO)

[StockFraudStopper]

Unsophisticated Investors Beware. MT760 Deals Are Scams

MT760s have long been used in fraud schemes:

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
Letter of Credit or LC
Standby Letter of Credit
Medium Term Banknote
Bank Instrument

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"

The specifics of each of the scams included in this breed is a thick book I've yet to write. Let's hope it becomes history before I ever have the chance. I will summarize for your here.

If you have paid any funds whatsoever toward the objective of leasing a bank instrument, you won't see it again. If you see anything, it is the proceeds of others who bought into the same scam, and a perpetrator paying you to keep you quiet while he does it again.

It's a scam.

Any of these sound familiar?