Prime Bank programs promise to use investor funds to buy and trade "Prime Bank" instruments. Promoters of this type of fraud often use complex official-sounding terms. The investment may be described as standby letters of credit, bank guarantees, offshore trading programs, or high-yield investment programs. Promoters typically represent that the instrument is issued, traded, or guaranteed by a well-known organization, bank, or financial institution.
Promoters frequently claim that investment opportunities of this type are very limited and available only to a few, select, customers. One of the hallmarks of prime bank investments is secrecy. If potential investors ask for details, they are often told that the strategy being used is proprietary, sometimes investors are even asked to sign non-disclosure agreements.
If you believe you have been victimized by a prime bank scam or wish to report suspicious activity, please file a report here.