TERMIUM Plus®

The Government of Canada’s terminology and linguistic data bank.

PRIME BANK INSTRUMENT FRAUD [1 record]

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Filter results by subject field

Alphabetical list of terms

Record 1 1998-02-12

English

Subject field(s)
  • Offences and crimes
DEF

Selling phoney bank letters of credit at discount prices by telling victim-investors that they will be offered a $10-million guaranteed bank note for $8 million. Since many are small-time investors, they are told their stake, even a few hundred dollars, will be pooled with that of others. They are told the paper can be cashed at full value at the bank, usually offshore, at a specified later date, or traded like a stock or bond to other investors. Then they are made to sign a confidentiality agreement.

CONT

The PBI scams are believed to be masterminded by offshore criminals using questionable or non-existent foreign banks.

Key term(s)
  • rollover deposit scam
  • memorandum of private placement loan agreement scam

French

Domaine(s)
  • Infractions et crimes
OBS

Voir effet de premier ordre.

Spanish

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© Public Services and Procurement Canada, 2024
TERMIUM Plus®, the Government of Canada's terminology and linguistic data bank
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