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World's Biggest Dollar Scam? The Proof of Funds Racket, Perhaps
It started years ago and it still continues. An agent comes to me with a client who has a POF letter from a "real bank". Usually a foreign bank and usually $10,000,000 to $100,000,000 is mentioned.
Their real value? Not even tissue paper - and that's putting it nicely.
If you are reading this and you know me and you have been offended by my response - too bad. I make no apologies for my treatment of people who waste my time by approaching me with a POF letter or even a Letter of Credit drawn on a bank in which I do not have a personal contact.
But I would not have you ignorant. What is a Proof of Funds letter?
In commercial deals we do occasionally get a POF letter and we do call and verify the letter. We never call the person who signed it and we never call the branch where it was created. If it is on an investment company account we ask for specific verbiage that the letter gives us recourse and full access to the funds.
Here is the thin line between a real POF letter and the much more common FRAUD version: A ... more

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