MT760 Swift and how they "get" you

Stock and Bond Fraud, including Boiler Rooms / Pump and Dump Schemes, Mutual Fund & Hedge Fund Fraud, FOREX scams, plus Churning, Private Placements, Venture and Bridge Funding, IPOs, Viaticals Fraud, HYIP and Prime Bank scams, MTNs, Historical Notes, Recovery Schemes, etc. Includes the Jim Norman Project and the Michael Dotson Project and similar HYIP scams.
wondering99

MT760 Swift and how they "get" you

Postby wondering99 » Thu Feb 19, 2009 9:22 pm

I have heard that Swift 760 that it sort of works like a wiring ability in that people "say" the swift is for "verification only" but in reality they can use the swift to "swift away" your money from under your nose.

Is this true? And even if it IS true wouldn't the responsibility fall on your bank for letting people "swift" away monies in an unauthorized transaction?

I am looking for the "scam" with these PPP's. I am going to make 39 more posts probably as I am fascinated by all of this. I have been looking for information about this ALL over the place and it is a moving target and I have been looking at your site for months but I now have enough information to rapid fire it all out and everyone can read and do their own research via you guys.

So in many (but not all) of the PPP's I see people are NEVER asked to give their money over to a group and it ALWAYS stays in their sole control...no joint accounts etc. If that is so, then how do they get their cash?

possibilities....

1. SWIFT information and instead of verifying they wire it away and steal...but wouldn't the banks would be responsible (maybe) so investor is safe

2. Something in the contract gives them the right to get the money and they are counting on the investors to miss that part...but even still many people who are interested in doing this are putting up all kinds of safe guards on their accounts, even making them deposit only or dual/triple signatories...so even if someone tried to make a withdrawal the request would be rejected.

3. The scammers get you in deep and try to bait and switch you later and ask you to give your money in the end anyway, for whatever BullS**t reason... there the client would just tell them to kiss off and they only wasted some time.

4. Lines of Credit - They "claim" they are using the strength of capital to draw up a line of credit to trade against...but could they actually draw up a LOC without the investor signing for the LOC? I.E. their "compliance package" signs away authority for the groups to sign "for the investor" then they draw it out then leave the investor holding the bill? (If there is interest I will post the documents for the compliance packages for everyone's review) This one is most interest for me as it seems tough for someone to give an line of credit that the person who is NOT signing for would still be RESPONSIBLE for. Banks don't want to be scammed out of their LOC's either. And add to that if someone got scammed that way they would just tell the bank to kiss off and they ain't paying...of course the bank could put a lien on the account and then just take the money from the client to get the LOC paid off...but you would think that bank managers etc. would see this stuff coming...no?

Ok thanks for the thoughts.

Return to “THE DILIGIZER BOARD -- Securities Fraud -- Due Diligence in Finance”

Who is online

Users browsing this forum: No registered users and 1 guest