How to Avoid Scams, Frauds and Swindles

Bob Bauman’s
February 2012
How to Avoid Scams,
Frauds and Swindles
—Robert E. Bauman JD, Editor
Scams are everywhere and the world of offshore finance and
investment is especially littered with them.
Call it fraud – and that’s where we come in. Our expert advice has
guided thousands of people through the world of swindlers and cheats
over the years, and we’re proud of that.
But just take a look at these three examples:
• In 2007, Larry Leif, 61, was a successful sporting-goods and toy
company entrepreneur in Delray Beach, Florida. He had carefully
planned his golden years starting at the age of 19. However, Leif
lost his entire $8 million retirement account because of Bernie
Madoff’s infamous scam – at $18 billion, the largest financial fraud
in U.S. history. Now Lief is left with nothing but a stack of phony
statements.
• Laurie Mayer was one of 4,000
employees who lost their jobs and life
savings after the collapse of Enron.
In 2001 it was revealed the company
had practiced systematic, planned
accounting fraud and was forced into
bankruptcy. Laurie lost her 401(k)
pension, totaling more than $100,000.
At the same time, Enron shareholders
lost billions.
• In the mid-1990s, Panama-based Thales
Securities SA, called and asked to
Inside This Issue
The Ponzi Scheme... Pg 2
Offashore Scams and
Frauds............. Pg 5
Passport Fraud...... Pg 9
Gold Scams......... Pg 11
Contacts........... Pg 15
Published by The Sovereign Society®
appear at one of our Sovereign Society meetings. As part of my
due diligence, I carefully reviewed Thales’ advertising materials.
In my opinion they advocated violating U.S. reporting and tax
laws. My due-diligence check also raised serious questions about
investment losses, violation of fiduciary duties and failing to
account for clients’ funds. Consequently, I warned our members
not to invest with them. In May 2011, the Panamanian National
Securities Commission appointed a trustee to take control of
Thales for “the purpose of securing the investors’ interests”
prior to possible liquidation.
In this month’s special report, I look at some of the largest and
most common scams, cons and frauds, and I also provide you with a
guide on how to steer clear of them.
Some of the most notorious con men have become household names,
such as Bernard Madoff and Charles Ponzi.
Still, I never ceased to be amazed at how easily so many people
can be taken in.
On numerous occasions, I’ve been asked whether some outlandish
offshore “investment” guaranteeing 20% returns monthly is likely to be
reliable. (My response: Are you kidding?)
Or whether an offshore bank with nothing more than a web page, no
physical office address and no listed officers, is a good place to stash
cash. (My response: Puh-leez!)
One of the Sovereign Society’s major warnings over the past 15
years has been to guard against frauds of all sorts. And that goes
especially for offshore frauds, in which many are touted on slicklooking Internet web sites.
A recent study contradicted the common perception that most
scam victims are vulnerable senior citizens. Instead, it found that
while older people were most often the targets of cons, it is those
aged between 35 and 44 who are most likely to fall for them.
This study also showed that men and women are equally likely to be
the victims of scams – although women were more likely to be caught by
miracle health scams, while men were more likely to be the victims of
investment cons.
However, if you are careful and know the score, you don’t have to
get hurt.
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The Ponzi Scheme
This scam is a good place to start, and was brought back into
the headlines recently by the swindler Madoff and his $18 billion
rip-off.
A Ponzi scheme is basically a fake investment operation that
pays its existing investors with cash from new investors, rather
than from any actual investment profit.
It originated with Charles Ponzi, an Italian immigrant who
arrived in Boston in 1903 with $2.50 in his pocket. Ponzi soon
found that honesty was not necessarily the quickest way to get
rich.
In 1919, he hit upon his big idea. He discovered that
international reply coupons had the same nominal value in every
country, although they were much cheaper in Europe than in the U.S.
Ponzi set up a “Securities Exchange Company” and promised
investors they would double their capital in 90 days. Fools
responded in droves and most of these “investors” lost everything.
In August 1920, Ponzi’s bubble burst and he spent three and a
half years in federal prison for mail fraud and another seven years
on state larceny charges. He died in 1949 in Rio de Janeiro, as poor
as when he arrived in Boston.
Told You So
Scams, of course, go much further back than Ponzi. Ever since Adam
and Eve were expelled from the Garden of Eden, attractive appeals to
gullibility and greed go hand in hand with dishonest scams, and have
been some of the most notable failures of mankind.
Long before anyone heard of Madoff and his multibillion-dollar ripoff, many other Bernies were operating, especially in the offshore area.
Stricter offshore regulation in recent years has curbed some of
these frauds but, unfortunately, scams will continue as long as human
greed and gullibility exist.
Madoff’s bilking billons hurt his few thousand clients, many of
them who thought they were his friends. But what really hurts is when
you get hit by a scam or fraud.
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There’s a Sucker Born Every Minute
The persistent Nigerian letter fraud is one that most of us are
aware of nowadays. But here are two examples of my past fraud alerts
that were issued well before any official action was taken to stop
them. These frauds included the since-closed Millennium Bank, as well
as Robert Allen Stanford and his now defunct Stanford Financial Group
and Caribbean banks.
There is a historical dispute whether circus impresario P.T.
Barnum, actually made the well-known statement that “a sucker is born
every minute,” but those words have come to epitomize a certain type
of credulous individual who will fall for just about anything if a
quick buck is promised.
Just imagine some shady type, who slips out of a dark alley,
sidles up to you and whispers: “Pssst! Buddy! I can get ya’
20%-a-month return if you give me your money.” That’s roughly what the
U.S. Securities and Exchange Commission in 2009 said happened to at
least 375 investors since 2004, after two U.S. residents, now in jail,
cheated them in a $68 million Ponzi scheme. They offered ridiculously
high interest CDs issued by Millennium Bank, which they controlled
from Saint Vincent and the Grenadines, a poorly regulated tax haven.
The Millennium Bank scandal was easy to predict. Attracted by what
should have been unbelievable promises of such high returns, several
Sovereign Society members and readers asked me whether I thought they
should entrust their cash to Millennium Bank.
In less than 24 hours of due diligence, I told them: “Absolutely
not!”
I discovered a major Millennium Bank claim was simply a lie. Their
web site claimed that: “Millennium Bank is a subsidiary of United
Trust of Switzerland S.A., a Swiss-registered private trust company
established in 1931. United Trust of Switzerland S.A.’s extensive
experience in financial services provides Millennium Bank with a solid
foundation...”
The Swiss banking agency web site told me the so-called “United
Trust of Switzerland S.A” did not exist. It was neither registered as
a financial institution as required by Swiss law, nor did it appear in
the trade registry of Swiss corporations. In other words, Millennium
Bank was a fraud. A banking contact in Zurich told me: “Unless we
missed something… this bank is a sham…”
That was in 2006. The big question for me is this: What took the
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U.S. SEC and the government of Saint Vincent and the Grenadines so
long (three years) to stop this obvious fraud?
The Stanford Fraud
R. Allen Stanford has been on trial in Houston this month, accused
of defrauding thousands with his Antiguan bank, which he claimed held
more than $5.1 billion in assets. In truth, it seems he had only a few
million. Five years ago, several Sovereign Society members asked my
advice about the unusually high returns (30%) Stanford International
Bank “guaranteed” for CDs and deposits.
When the S.E.C seized the company’s operations in February 2009, I
wasn’t exactly surprised. In 2007, I did some due diligence myself and
discovered enough disturbing information about both Stanford and his
offshore bank that I recommended that our members stay away from the bank.
Let’s hope they took my advice. Many people lost a lot of money
when the bank failed in 2009.
Beware of Dazzling Offshore Deals
Some folks seem to check their judgment at the border when it
comes to dazzling offshore deals touted on slick Internet sites
offering high returns on investments (20% a month guaranteed).
Whether it’s greed or temporary insanity, these deluded folks send
large amounts of money to unknown persons based on nothing more than
web site promises, often without even knowing the names or addresses
of those who want your cash. Wire that cash and it’s likely you’ll
never see it again, much less a 20% return on it.
My experience is that many elderly people are far more cautious
about falling prey to fraudulent investment schemes. Perhaps because
they have been around longer and have learned that human nature does
not always translate into goodness and honesty.
A large part of the U.S.’s total population of 311.8 million is
in “the senior age demographic.” Those who are 65 years and older
comprise 13% of the population. By 2030, with a huge influx of baby
boomers, the senior population will swell to 20%.
As the attorney charged with due diligence investigations at the
Sovereign Society, I often encounter elderly people who ask for my
advice. Often, I must tell them they are about to be scammed. Money is
always involved.
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According to a 2011 study by the MetLife Mature Market Institute,
elderly victims of financial abuse suffer an estimated $2.9 billion
in annual losses. But data collected by the Federal Trade Commission
(FTC), the government agency charged with protecting consumers against
“unfair or deceptive” trade practices, indicates that seniors are in
better shape than other age groups.
Fraud, as defined by the FTC, covers most cases involving stranger–
induced scams: fake credit card schemes, lottery and prize promotions,
pyramid clubs and phony investment sales. These are typically sold
through the Internet, telemarketing or direct mail. Elder-care experts
say such scams are only a small part of the financial crimes committed
against the senior population.
1. Offshore Scams and Frauds
Avoid Offshore Problems
In the last decade, under relentless international pressure, there
has been a real, self-imposed reform of offshore financial centers,
with a tightening of laws and rules to protect against fraud.
But one problem for the offshore investor is that similar creditrating information on foreign companies is not always available.
Although some countries (Canada, the U.K.) have strict accounting and
disclosure standards, others do not. That makes your own personal due
diligence inquiries all the more necessary.
An important point to remember is that a non-U.S. foreign promoter
may have little knowledge of U.S. tax or reporting laws. The best
offshore professionals will tell you that you need expert American
professional tax and reporting help to evaluate any offshore plans or
investments.
However, too many U.S. attorneys and CPAs have limited knowledge
of U.S. offshore tax laws. We can help you by recommending experienced
professionals who know what needs to be done.
a) Tax Haven Scam
I am surprised at the number of people who ask me with all
sincerity how they can become a criminal. These unthinking folks want
to know about the best tax haven to hide their money “to avoid paying
U.S. taxes.”
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One of the most persistent scams foisted on U.S. persons is the
claim that offshore tax havens can be used by U.S. persons to avoid
taxes. The harsh truth is that the U.S. is only one of four countries
in the world that imposes income and estate taxes on citizens and
residents based on their worldwide income – regardless of where they
live.
While many high-tax countries tax the worldwide income of their
residents, they do not tax the income of their non-resident citizens.
Thus, a citizen can escape from a high tax country (other than the
U.S.) by moving to a low tax country. And, in many countries of the
world, income earned by a trust or corporation that is domiciled in
another country is not subject to tax by the owner of the corporation
or by the grantors or beneficiaries of the foreign trust.
While there are some limited exemptions and exceptions for U.S.
persons working outside the country, the tax law often subjects a U.S.
person to far more harsh tax treatment on their foreign entities than
on domestic entities.
As many Sovereign Society members know, the U.S. government
intimidates and extorts other countries into divulging information
about the financial affairs of U.S. citizens in their countries. A
horrendous example of this IRS extraterritorial overreach is the
Foreign Account Tax Compliance Act (FATCA).
An offshore bank account is an essential asset protection and
investment tool, but you need to understand and comply with all U.S.
IRS offshore reporting requirements. We can recommend professionals
and SEC qualified offshore banks and foreign investment firms that will
make sure you are in compliance with all U.S. tax and reporting laws.
b) Foreign Bank Account Scam
Some offshore “advisors” will claim that money in a foreign bank
account is protected from creditors. That works only if you are able
to keep your foreign account a total secret and commit perjury on your
U.S. tax return and other reports. These shady advisors whisper about
“numbered accounts” in Andorra or Panama banks, where there will be no
record of your ownership of the account. DO NOT BELIEVE IT.
Yes, many reputable offshore financial centers, such as Switzerland,
Panama and Singapore, have financial privacy guaranteed by law. That’s
far better than the U.S., where the dubious PATRIOT Act has abolished
all financial privacy. But even in these and other offshore financial
centers, tax information exchange agreements (TIEAs) exist that honor
official IRS requests.
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U.S. tax law now imposes on U.S. persons duplicate reporting
requirements of offshore accounts on your annual IRS Form 1040, as
well as the annual FBAR report due on June 30. Failing to tell the
truth is a federal crime.
As I explained in your January 2012 Special Report the Foreign
Account Tax Compliance Act (FATCA) imposes further individual
reporting, starting with the April 2012 income tax filing.
As far as transferring funds to an offshore account, each
transaction of $10,000 or more is reported automatically by banks to
the U.S. Treasury’s FinCEN unit and they also must be reported by
travelers leaving or entering the U.S. on customs forms.
c) Abusive Trusts
Although this sort of nonsense has died down in recent years,
there were promoters, some of whom are now in federal prisons, who
claimed they could set up a special trust that would protect assets
from all creditors, including the IRS, eliminating income, estate and
gift taxes.
These trusts were said to give you complete control over
investments and use of the trust funds.
A common sales pitch was that these were the same “secret trusts”
used by the Rockefellers, Mellons, Kennedys and other wealthy
families, who were able to avoid taxes with their little known trusts.
These entities were sold under beguiling names such as “constitutional
trust,” “pure trust,” “patriot trust” and “common law trust.” Similar
tax exempt claims were made for a “corporation sole” if you obtained
a license as a clergyman and for people claiming to be “sovereign
citizens.”
A decade ago, the IRS, CIA and FBI formed a special joint task
force to track down and eliminate what they called “abusive” trusts.
The anti-abusive trust campaign put a number of the promoters in jail,
many operating offshore in places such as Panama, Costa Rica and
Canada.
d) Tinker Toy Legal Network
Slick promoters will try to sell you a complex series of trusts or
a foreign limited liability company (LLC) or international business
company (IBC) – or all three.
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Confronted by such a dubious proposal, you should always seek the
impartial opinion of an international tax expert.
In fact, U.S. court decisions strictly interpret the obligations
of a U.S. person actively involved in an offshore corporation. These
cases attribute “constructive ownership” to the involved U.S. person
as an individual, or find that actual control exists based on a chain
of entities linking the U.S. person to the offshore corporation.
For U.S. persons who control shares in an offshore IBC, there
are major limitations on U.S. tax benefits that would otherwise be
available to a corporation formed in the U.S. That is because the
offshore corporation is probably listed on what is known as the
IRS “per se” list of foreign corporations, which appears in IRS
regulations. The listed corporations are barred from numerous U.S. tax
benefits
Such scams are offered by some lawyers and “incorporation
services” that advise inexperienced clients to set up an IBC, or an
offshore trust, and link them to a Nevada or Wyoming corporation
as the unlisted owner. This network of legal entities is claimed
to provide secrecy, legal insulation and reduce or avoid taxes.
Ultimately, it will achieve none of these objectives. Instead, the
result may be serious penalties.
e) Passport Fraud
Beware of passport fraud. It’s worldwide and it can not only cost
you huge sums of money, it can land the unwary person in jail.
There is a little-known but lucrative underground black market in
forged passports. In 2008, U.S. government security agencies uncovered
a criminal ring in Thailand that produced counterfeit passports and
other travel documents, including hundreds of fake U.S., Malaysian,
Singapore, French, Spanish, Belgian, Maltese and Japanese passports
sold on the world black market.
Even legal passports can go astray. In recent years, thousands
of official passports have been stolen or lost in France, Australia,
Finland and Belgium. In 2005, the U.K. admitted that in the prior year
more than 10,000 British passports were lost, stolen or disappeared.
A few years ago, a U.S. State Department official was indicted for
fraudulently helping foreigners obtain preferential treatment “green
cards.”
Ten years ago, had you read the classifieds in the respectable
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journal, The Economist, you would have seen an advertisement that
promised to provide a “European Union passport, fully registered and
renewable” for only $19,500. Of course, it was a fraud.
Certainly, the most important consideration when evaluating
the usefulness of an alternative citizenship and a second passport
is that it is legal in every respect. That may seem obvious, but
the proliferation of passport fraud operations, especially on the
Internet, requires a reminder.
In this age of instant communication it takes only hours,
certainly no more than a few days, before customs and immigration
officials worldwide know when a passport is called into question and,
when caught, illegal passport holders go straight to jail.
If you are interested in obtaining dual citizenship and the second
passport that comes with that enhanced status, you can learn about
every aspect of what is required in the latest edition (2011) of my
book, The Passport Book.
2. Investment and Other Frauds
a) Email Scams
Most everyone knows that email is a great convenience – but it can
also be a major headache. If you are not careful, one email can cost
you thousands of dollars, if not more.
Phishing is a word invented to describe attempts to acquire
information such as usernames, passwords, credit card and bank details
by masquerading as a trustworthy entity in an email. Fake emails
pretending to be from popular social websites, auction sites, online
payment processors, banks or IT administrators are commonly used to
lure the unsuspecting public.
Here is the golden rule: Never give out important personal
information to anyone that you don’t know well and trust. Make sure
that you protect yourself at all times. Remember, the reason that you
get so many of these emails is because gullible people fall for them
every day.
Here are the top five scams now being used this month, according to
the Scam Trends website:
1) Your correct tax information is essential: Identity thieves
targeted consumers with bogus emails, claiming a W-2 form was not
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submitted and provided a link to a site for you to input your
information. The link directed taxpayers to a malicious site that
harvested that information, such as Social Security numbers and
addresses, which were later used to hack into bank accounts.
2) USPS Delivery Failure Notification (This is definitely not from
the Post Office.)
3) American Airlines: Your order has been completed (Open the zip
file and you are caught!)
4) Have you seen what this person is saying about you? (Twitter
users targeted with malware).
5) Penalty for The Failure To File Income Tax Returns.
For tips on reducing the
financial scam, check online
Threats of 2012. If you use
ways it can be used against
odds of becoming a victim of an online
for The Top 10 Looming Computer Security
technology you must know how to combat the
you.
b) Gold Scams
For years the Sovereign Society has recommend buying gold as part
of a balanced portfolio. When we first recommended gold in 1999, it
was at less than $300 an ounce. Recently gold hit a record high above
$1900 an ounce and predictions are that it will go higher.
There are many ways to invest in gold, including bullion,
certificates and coins. Most people depend on an investment advisor
or company to help them. But you need to make certain the person or
company you choose is licensed by your state securities administrator.
Be aware that the U.S. Mint’s American Eagle Gold Bullion Coins
are the only gold coins guaranteed by the U.S. government in terms of
purity, weight, and content. They’re available from precious metal or
collectible coin dealers, certain banks, and brokerage houses.
If you’re considering investing in gold, do your homework first.
Check with the U.S. Mint. The Federal Trade Commission is another
useful source for information on protecting yourself against
scam artists, who are touting coins and precious metals as safe
investments.
Andy Hecht, the editor of Trade Hunter, and one of the most
sought-after commodity traders in the world, has warned against
the media ads for companies offering cash for gold. He says many
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businesses, including some jewelry stores, now operate like pawn
shops. They pay cash up front to buy old jewelry and gold. The problem
is that they only pay $380-$400 per ounce for gold, a fraction of the
metal’s market value. The same is true for other precious metals.
We have all heard the phrase – Buyer beware.
c) Nigerian Scams
A year or so ago, I was contacted by someone who had seen my
Internet writings about passports.
This credulous U.S. citizen, hunting the web for a second passport
and dual citizenship, made contact with “a woman in Nigeria,” who
claimed she could provide (for a substantial fee) an official passport
of an unnamed nation. The gentleman was then surprised when, after
wiring the fee, no passport arrived, and (Surprise!) the Nigerian lady
no longer responded to his e-mails. He turned to me for advice on what
he might do.
Of course, I couldn’t help him lock the barn door once the
proverbial horse had been stolen. I didn’t say so, but I did wonder
how anyone could not know about the millions of dollars lost in the
notorious Nigerian scams.
Just Say “No!”
The most famous “Nigerian scam” (also known as “advance fee fraud”
and the “419 fraud”) has been around for several years and has bilked
many thousands out of countless millions of dollars.
I recall talking, over a period of months, with an elderly
Sovereign Society member in an effort to convince him that he was a
victim of this scam. He was truly convinced by a skillful con man that
he stood to gain hundreds of thousands of dollars if he would just
send his new, unseen friend a few thousand. I finally talked him out of
it, but it took some effort.
This type of scam is generally referred to as the “Nigerian scam,”
because of its prevalence in the region, particularly during the
1990s.
Here, the emailer requests help in the transfer of a substantial
sum of money. In return, the sender offers a “commission,” usually
several million dollars. The scammers then request that money be sent
to pay for some of the costs of the transfer. If money is sent, the
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scammers either disappear or try to get more money with claims of
continued problems with the transfer.
This scam is not limited to Nigeria and is used by crooks in many
countries. The origins of this scam are debated, some suggest it
started in Nigeria during the 1970s; others say its origins go back
hundreds of years to other confidence scams such as the late 19th
century Spanish prisoner scam, also known as the advance-fee scam
All these scammers play on human greed, hoping the commission
offered will entice the recipient to risk sending thousands of dollars
to a stranger. Official U.S. government warnings about this scam have
been issued by the FBI, FTC, the Treasury and, one of the best, by the
U.S. State Department African Desk. I urge you to read it.
Intelligent Financial Decisions Begin with Your
Own Due Diligence
“Due diligence” can be defined as, “The care that a prudent person
might be expected to exercise in the examination and evaluation of
risks affecting a business transaction.”
Here at the Sovereign Society, we try to keep you straight on
tax and other financial matters. But a good dose of your own common
sense is also helpful. The due diligence process should be used to
investigate any potential financial matter, including investments,
banking and the hiring of professionals.
Sadly, this process is too often ignored, usually when an
individual’s good judgment is suspended after a slick sales barrage of
glittering promises of immediate financial gain.
My Eight Rules for Sound Due Diligence:
1) Conduct your own due diligence. Don’t rely on appearances,
fancy offices, nice suits and power lunches. You’re seeing what others
want you to see and hearing what others want you to hear, and it could
be a lie. Always ask for and check references.
2) Do comparison shopping. As a “come on” some promoters charge
prices half or even less than those of competitors for similar
offshore services. A careful comparison of the competition’s fees and
the costs associated with the involved services may suggest that the
only way the low-price promoter can survive is to dip into the funds
he has under management.
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Obtain certified financial statements of a company’s assets
and liabilities and check the standing with the offshore official
regulatory or licensing agency. We can recommend experienced offshore
professionals, both in the U.S. and foreign countries, who charge
reasonable fees. Please check the end of this report for contact
details.
3) Obtain independent advice on any proposed legal structure or
investment. Get competent counsel, both in the U.S and the offshore
country, who is responsible to you, and only you, with the experience
to realistically evaluate the deal. Remember, it’s legal to find ways
to avoid certain taxes. Tax evasion, however, is a criminal offence.
4) Ignore tantalizing promises of easy profits. The best
opportunities require hard work, significant risk and time. Easy money
and promoters like Bernie Madoff, who guarantee unrealistic profits
(more than 12%-15% annually, or consistent profits without significant
variation in returns), are sure signs of a con.
5) Don’t rely on secrecy. Dealing with an offshore promoter who
claims that he can help you “hide money” from tax authorities is an
invitation to blackmail. The slick promoter knows that, if you break
the law, you’re unlikely to ask a court to help return your assets
when they disappear.
6) Diversify. Don’t put all your eggs in one basket. Prudent
investors diversify investments in stocks, bonds, mutual funds,
currencies, and precious metals. And they employ more than one
independent wealth adviser. We can recommend solid wealth managers and
reading The Sovereign Investor as the starting point.
7) Keep informed. Hiring a firm in the U.S. or offshore to build a
legal structure or manage your wealth is only the start. You’re always
responsible for your own wealth. So keep up to date with financial and
world events – and keep an eye on those you employ.
8) If it’s too good to be true, it probably isn’t true. Applying
this truism is the most important precaution of all. Unrealistic
profits, barely believable promises or vague feelings that you’re being
“led on” are all indications that whatever deal you’re being “pitched”
is best avoided.
Tip: You might be surprised what you can find using the Google
search engine– but you should always go much farther than that.
It may be a well-worn platitude, but it’s the truth: “There’s no
such thing as a free lunch.”
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Contacts
If you have questions about investments or possible frauds, these
members of the Sovereign Society Council of Experts can help. We also
can provide contacts in many foreign countries.
JOSH N. BENNETT, JD
440 North Andrews Avenue
Fort Lauderdale, Florida 33301
Tel: (954) 779-1661
Email: [email protected]
Website: www.joshbennett.com
MICHAEL CHATZKY, JD
Chatzky & Associates
6540 Lusk Boulevard, Suite C121
San Diego, California 92121
Tel.: (858) 457-1000
Email: [email protected]
GIDEON ROTHSCHILD, JD, CPA
Partner, Moses & Singer LLP
405 Lexington Avenue, New York, N.Y. 10174
Tel: (212) 554-7806
Email: [email protected]
Website: www.mosessinger.com
Other Information Sources
Offshore Alert newsletter, highly recommended:
www.OffshoreAlert.com
Offshore Frauds:
http://www.quatloos.com/offshore_planning_scam.htm
U.S. State Department: Nigerian Fraud:
http://www.state.gov/www/regions/africa/naffpub.pdf
Internet Scams, Identity Theft, and Urban Legends:
http://www.scambusters.org/
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Federal Reserve Bank of San Francisco, excellent free report:
http://www.frbsf.org/publications/consumer/fraud.html
U.S. Postal Inspection Service—Mail Fraud
Investigates and enforces over 200 federal statutes related to
crimes involving the U.S. Mail, the Postal Service and its employees.
You can file an electronic Mail Fraud Complaint.
Federal Trade Commission
The Federal Trade Commission (FTC) Bureau of Consumer Protection
works to prevent fraud, deception, and unfair business practices.
Consumer Action Handbook
This guide provides helpful tips about preventing identity theft,
understanding credit, filing a consumer complaint, and more.
Publisher........................................Erika Nolan
Editor......................................Bob Bauman JD
Managing Editor........................Mark S. Smith
Graphic Designer......................... Bruce Borich
Bob Bauman’s Offshore Confidential is published 12 times per year for $495 by The Sovereign Society
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