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| | Federal Reserve Bulletin: Statement by Herbert A. Biern, Deputy Associate Director, Division of Banking, Supervision ... (Site not responding. Last check: 2007-11-07) |
 | | A secure escrow account maintained at a "prime bank" or by an attorney would be used to hold the investors' funds, and payments into this account would be made by some sort of "key tested telex" message. |
 | | The banking agencies committed to refer cases of potential illegal conduct associated with supposed "prime bank" documents to a senior official in the Washington, D.C., office of the SEC and to the local offices of the Federal Bureau of Investigation because almost all "prime bank" schemes appeared to involve fraud, including securities fraud. |
 | | Most "prime bank" scams entail multimillion dollar investments, and as such we are not aware of losses to individual, as opposed to institutional, investors. |
| www.findarticles.com /p/articles/mi_m4126/is_n9_v82/ai_18711898 (1163 words) |
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