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Two Popular Business Loan Scams By William Cate
Fraud is a growth industry. Law Enforcement rarely investigates
fraud complaints, unless losses are measured in the tens of
millions of dollars. Investigations seldom lead to charges.
Unless the accused is potentially involved with Organized Crime
or Terrorists groups, extradition isn't a Government option.
Swindlers are likeable people, convicting them of anything is
extremely difficult. If convicted, jail time is in a resort
atmosphere prisons and fines are infrequently collected. As
Mafia members in the Canadian documentary "The Mafia in Canada"
observed, Canadian jails offer better accommodations than their
homes in Italy.
Knowledge and cynicism are your best defense against being
taken. If it sounds too good to be true, odds are it isn't true.
If it doesn't make sense, odds are it isn't true. If it isn't in
writing, don't risk your money. If you can't arrange a local
meeting with the principals, don't send them your money. Be
aware of the common business and investment scams. There are
hundreds of variations of any basic scam. If the offer you are
considering sounds like any common swindle, odds are it's a
variation of that swindle.
PBG - The Scam That Won't Die
You want to borrow millions of dollars for your startup
business. There's a bank or insurance company in some far off
land willing to lend you the needed funds. They are willing to
prepare the loan papers and make the commitment for some sort of
loan origination fee. The standard fee is 1% of the funds being
sought. Once you have the loan commitment and before you get
your loan, you must find a major bank to be your cosigner. Thus,
the name of this swindle is the Prime Bank Guarantee (PBG)
Swindle.
The major bank is being asked to accept all the risks inherent
in making a business loan and get none of the benefits. Assuming
the bank's loan officer has an IQ of 60 or above, he or she will
realize that this isn't a good deal for the Prime Bank. At
least, with the major bank doing the loan, they would get the
interest payments until the borrower defaulted. PBG lenders know
that Prime Banks won't lend. This is a front fee scam with no
risks of defaulting on the contract terms, since the borrower
will never find a major bank co-signer.
The folks with the IQs below 60 are the large networks of
"brokers" selling these deals to the business community. They
will help entrepreneurs find PBG lenders. For a fee, they will
help the PBG victim contract Prime Banks to see if the bank
wants to be the victim's co-signer. Many of the people in this
network may be good salespersons, but they lack the capacity for
simple logic.
The Liquid Asset Lending Swindle
Lenders want collateral to make loans. It's their insurance
against loss of loan principal. When the borrower puts up the
collateral, they usually lose control of it. It's the loss of
control of the assets that allows the swindler to run this sting
operation.
Often as an offshore bank or insurance company, the Liquid Asset
Lender offers to lend 80%-90% of the value of approved liquid
assets to anyone seeking a business loan. Terms are the standard
Prime plus three adjusted quarterly. There is little lender
concern about the merits of the business plan. The preferred
liquid assets are gold bullion coins or shares trading on the
New York Stock Exchange. Most of these lenders will accept
shares in companies trading on Nasdaq, AMEX and regional stock
exchanges, as long as the average daily trading volume meets the
lender's requirements. There is usually a two-week or more delay
between the time the borrower supplying the collateral and their
company receiving their loan.
The lender takes the collateral and immediately sells it. Then,
they loan the agreed upon percentage of the sold liquid assets
to the borrower. They pocket the difference and await the
monthly loan payments, which they pocket as well.
Over 99% of the time, the borrower defaults on the loan and the
lender simply walks away with the profits. Rarely, the borrower
repays the loan. In that case, the swindler creates a new
lending firm and continues running the scam. Some of these
swindlers have been running this scam for over a quarter of a
century without ever being contacted by a government fraud
investigator. This confidence game is easy and profitable. If
you offer 90% loans and the pigeons supply you with ten million
dollars in liquid assets, you keep a million dollars. Assuming
an interest rate of 8% on the lending of the pigeon's sold
assets, you earn $720,000/year, without any additional effort.
The average bank robber gets $3,500 for their efforts and can
expect a massive effort to put them in jail. As with the PBG
broker network, there is a network of finders seeking the
pigeons for this shakedown.
An ounce of prevention is worth a pound of cure. Have someone
knowledgeable about business finance look at any offer that
appears easy and too good to be true. It could save you hundreds
of thousands of dollars.
About the author:
He has been the Managing Director of Beowulf Investments
[http://home.earthlink.net/~beowulfinvestments/] since 1981 and
is the Executive Director of the Global Village Investment Club
[http://home.earthlink.net/~beowulfinvestments/globalvillageinves
tmentclubwelcome/]