Browsing around this mornings news I came across this FRAUD SCHEME we all need to very aware that when economic times are tough people will be very creative on how to attain things.
Evidence of this is showing up in many assests of the work industry, cash drawers coming up short, items being run up twice, fraudulent charges on credit cards, and many more can be listed too
Please be sure to read this warning as it impacts us all. The housing market does not need something like this to continue to escalate any corrections that are already in process.
Treasury Alerts REALTORS to Fraud Scheme
If a buyer tries to use a "personal promissory note" or "private offset bond" to buy a home, the matter might be an attempt at fraud and you should let the U.S. Treasury Department know, a notice from the Treasury's Office of Inspector General says.
Here's the notice in full, with contact information:
SUBJECT: Fraud Alert
The U.S. Department of Treasury, Office of Inspector General (OIG), is investigating incidences whereby individuals are using fraudulent promissory notes and bonds to attempt to purchase vehicles and real estate. The OIG has been notified of numerous occurrences throughout the United States where fraudulent documents were used to attempt to purchase vehicles. Treasury OIG has also been made aware of incidents in Arizona and Colorado where similar fraudulent documents were used to attempt to purchase homes and an office building.
The fraudulent documents are not referenced as "U.S. Treasury" bonds or promissory notes. They are referenced as "personal promissory note" and "private offset bond;" however, they have the name of Henry Paulson, Secretary, U.S. Treasury, on the face of the documents.
Treasury OIG has learned that the only type of hard-copy bond issued by the U.S. Treasury that a citizen can purchase today is a savings bond. All other bonds are electronic and the buyer would not receive a hard-copy document. Finally, Paulson's name should not appear on any document listed as a private bond or promissory note since these items are not backed or guaranteed by the U.S. Treasury.
If you have any information regarding this type of fraudulent activity, we request that you contact the U.S. Department of Treasury, Office of Inspector General (OIG), Office of Investigations Hotline, at 800/359-3898 or e-mail Hotline@oig.treas.gov. REALTORS® approached by a person giving these or similar circumstances should consider the potential for fraud. Should you suspect fraudulent activity, it is recommended that you contact the OIG Hotline and your local law enforcement agency immediately. Additional information regarding this and other similar fraud schemes can be found at
the following Department of Treasury Web site:
http://www.treasurydirect.gov/instit/statreg/fraud/fraud_bogussightdraft.htm
Source: REALTOR® Magazine Online
Now that you read it. Please be sure to be on the look out for such situations. I am surprised to an extent, then again it has always proven that when times get tough people get creative. If you have any comments or can add any personal insight it would be great.
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