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Microcap & Penny Stocks : HITSGALORE.COM (HITT)
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To: Janice Shell who wrote (4161)9/27/1999 11:15:00 PM
From: Q.  Read Replies (1) of 7056
 
"bank guaranteed contracts and bank guaranteed pay orders"

So that's what LFT was promising to invest the client's money in. I wonder if this is like the following:


Bank Roll or Bank Debenture Programs
Perpetrators of this fraud use banking and investment jargon to confuse and impress their victims. According to the FBI, the promoters purport to have access to "bank guarantees" which they can buy at a discount and sell at a premium. By reselling the "bank guarantees" several times, they claim to be able to produce exceptional returns on investment. For example, if $10 million worth of "bank guarantees" can be sold at a two- percent profit on ten separate occasions, or "traunches," the seller would receive a 20% profit.

Such a scheme is often referred to as a "roll program."

....

The purpose of these frauds is generally to encourage the victim to send money to a foreign bank, where it is eventually transferred to an offshore account that is in the control of the con artist. From there, the victim's money disappears.

The jargon they use can be convincing to those not familiar with commercial banking terms. While foreign banks use instruments called "bank guarantees" in the same manner that U.S. banks use letters of credit to insure payment for goods in international trade, such bank guarantees are never traded or sold on any kind of market.


the above was an excerpt from goldhaven.com
credit for finding this link goes to wireless_wonk at RB.
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