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Jay's Blog
An Infamous Scam The Fake Bank Examiner & Some General Investment Advice
The first thing I'd like to discuss today is a famous old--but still
used con game--The Fake Bank Examiner. It starts with the customer of
a bank being approached by someone--the con artist identifying him or
herself as a state or federal bank examiner. They tell the customer
that a teller at their bank is suspected of skimming money from
deposits, and the bank examiners need the customer's help to catch
them. They ask the customer to give them a substantial sum of
money--usually several hundred or thousand dollars--which the con
artist will take to the bank, and deposit in the customer's account.
The customer is to wait 48 hours, then go to the bank, and withdraw
the money. If it's short, the thieving teller will be caught. The
customer is told they will be a hero, etc. They are given a fake
telephone number to call the con artist, or a supposed meeting time is
arranged. Of course, the con artist disappears with the money, and is
long gone.
Bank examiners NEVER operate this way. Suspected theft by employees
is dealt with by the bank and local law enforcement, period. If you
are so approached, tell the con artist you need a few hours to gather
the money, set up a time to meet, and immediately call the bank and
law enforcement.
There are lots of investment scams out there. They are on TV, the
internet, calls on the phone, and even "free dinner meetings and
investment seminars." They all have one thing in common--high
yields/returns which are guaranteed at "no risk." There are no such
investments. None. There are high yields sometimes available on very
risky investments. Nobody can guarantee 10% returns with no risk
of the underlying funds. Nobody. It may be stocks that are offered,
CDs, precious metals, partnerships, land deals, or oil wells. They are
ALL scams. If you are so approached the best thing to do is hang up or
delete the email.
We now have people on our team to provide assistance in fighting these kinds of
scams--a person who has forty years of experience as a CPA, bank trust
officer, and investment person. This person can help evaluate any such
come-ons and help with the process. Feel free to contact us at any
time if any thing seems too good to be true or suspicious. Warn your
older friends and relatives. Remember our services are always at no
charge.
Jay