California Department of Corporations Shuts Down Worthless ''Prime Bank'' Scam.SACRAMENTO, Calif. -- The California Department of Corporations ordered two individuals and one organization to immediately desist and refrain from offering and selling investment contracts and joint venture interests in a prime bank scheme in California, the Department announced today. The order was issued to John Romero  This article or section is written like a personal reflection or and may require .Please [ improve this article] by rewriting this article or section in an . , Jennie Romero and ABBA Resources Unlimited of San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. County for offering and selling unqualified securities in California. The securities offered for sale were for investment interests in a "Joint Venture Private Investment." The securities were in the form of written agreements stating that, among other things, "the funds invested in the program will be secured by a bank guarantee, the investor's initial participation will be with an authentic, valid, verifiable and confirmed bank instrument, rated at least AA by Moody's and Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index , the program is reserved for accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. participants only; the minimum allowed for entry is One Million United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Dollars (USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. $1,000,000), and the 'Manager' will perform this (sic) best efforts to achieve and earning target of 5% per month or yield 15% per quarter." These scams are often referred to as "Prime Bank Programs" and claim investors' funds will be used to purchase and trade "prime bank" financial instruments on clandestine overseas markets in order to generate huge returns in which the investor will share. However, neither of these instruments, nor the markets on which they allegedly trade, exist. "When something looks too good to be true, it probably is," said Corporations Commissioner William Wood William Wood may refer to:
The orders issued by the California Department of Corporations bar John Romero, Jennie Romero and ABBA Resources Unlimited from further offering or selling investment contracts and joint venture interests in ABBA Resources Unlimited. The Department of Corporations is California's Investment and Financing Authority, reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see the Department's Web site at www.corp.ca.gov or call 866-ASK-CORP (866-275-2677). |
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