Replies to post #5045 on ParaFin Corporation (PFNO)

[SteveF]

Is that the direction the pump is about to take? PFNO suing ING? Yeah, that'll work. Easier than drilling for oil in Paraguay at least.

[Jim Bishop]

LOL if Sid takes ING to court and it isn't a slam dunk quick win for ING or get dismissed outright....he's in court for the next 5-10 years probably.

[janice shell]

Sid had a meeting with an Ing representative in Europe. He said that the bonds weere issued fraudantly by an ING employee who was no longer employed by the company.

Funny, but I don't believe that. ING employees, being Dutch, don't make basic spelling mistakes in their own language.

I said in my earlier post that that the analyst hadn't any success getting a response to his requests for 5 months.

Actually, you said "five weeks" in your earlier post.

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=50662024

[Jim Bishop]

LOL if the bonds were issued fraudently by an employee who was no longer employed by ING, then what the hell does ING have to do with them...nothing!

So take those bonds and go talk to the ex ING employee, maybe he'll pay you for them.

[puppydotcom]

Sid had a meeting with an Ing representative in Europe. He said that the bonds weere issued fraudantly by an ING employee who was no longer employed by the company.

SID said ... lol

if so 'the bonds are still false .. and the employee should have been arrested ..
... ING would be the victim
( anyone read any stories from ING about an employee arrest for forgery and theft? )

no different than an employee at a bank making phony cashiers checks at home hoping to cash them

false - is false - phony is still phony

no matter which it gets hyped or explained

but no one really believe that story ( the ING employee ) because there were many phony bonds from the same cut floating around
all over the globe-

Italian Police Arrest Three in Fake Bond Fraud Probe

By Sonia Sirletti and Elisa Martinuzzi

Nov. 23 (Bloomberg) -- Italy’s finance police arrested three people for allegedly using as much as 200 million euros ($299 million) of fake bonds to fraudulently make money from borrowers.

The authorities seized 138 of the fake securities, “ING Bank” bonds with a face value of 1 million euros apiece, according to a police statement today. Another 62 notes, with a face value of 62 million euros, are missing, Antonello Urgeghe, a financial police colonel based in the northern Italian city of Varese, said in an interview.

“We’re working with Interpol to recover the missing bonds,” Urgeghe said. “We don’t think they’re in Italy.” The bonds were bought from a criminal group based in Malaga, Spain, Urgeghe said, without providing details.

The three individuals used unauthorized Web-based companies Floris Bank Investment and Floris Bank Finance Ltd. to draw clients to their offices in Milan, Rome and Turin, the police said. Without knowing they were fraudulent, clients paid the intermediary a fee of 10 percent of the value of the bonds to borrow the securities, and then used them as collateral for funding from other banks, according to the police.

The scam is at least the third case in Italy involving fake bonds in the past five months. Police seized phony U.S. Treasury bonds with a face value of $116 billion in August and $134 billion of similar securities in June.

Calls to Floris Bank in London weren’t answered, while a number listed for the company in Lugano, Switzerland, isn’t in use. Floris Bank and Floris Finance are on the U.K. Financial Services Authority’s list of unauthorized Internet banks.

The illicit profits from the fraud were invested in Italian soccer teams and players, the police said.

To contact the reporters on this story: Elisa Martinuzzi in Milan at [e-mail]; Sonia Sirletti in Milan at [e-mail]
Last Updated: November 23, 2009 07:03 EST