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Snipe Season

I think I was ten years old when I went on my first and only snipe hunt.  I didn’t catch one.  I was sure I’d had bad technique or maybe just bad luck until the next morning when my friend who’d invited me on the hunt clued me in. 
Prosecutors in Eastern Pennsylvania have accepted a guilty plea [...]

I think I was ten years old when I went on my first and only snipe hunt.  I didn’t catch one.  I was sure I’d had bad technique or maybe just bad luck until the next morning when my friend who’d invited me on the hunt clued me in. 

Prosecutors in Eastern Pennsylvania have accepted a guilty plea from a woman who accepted $400,000 in return from taking investors on a financial snipe hunt.  Michele Antal convinced investors that they could take advantage of the falling dollar by buying German Certificates of Deposit.  Like the snipe, though, no such CDs existed. 

Lately I have been reminded that the prime bank scam will never die.  At the center of each is a snipe so big that it could feed you for a lifetime.  Bank Guarantees.  Standby Letters of Credit.  Medium Term Notes.  Bank Issued Debentures.  High Yield Investment Programs.  None of them exist.  Yet each is described in such meticulous detail and sold with such soothing assurances of complete safety and astronomical returns that investors invest and lose billions each year. 

Baby boomers and seniors — if you are considering an investment program that centers on a financial instrument you have never invested in before, ask someone with SEC-experience (preferably one who has been on a snipe hunt) to investigate before you invest your nest egg. 

 

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