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Millenium Bank is a Ponzi Scheme.......
Old 03-27-2009, 02:12 PM   #1
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Millenium Bank is a Ponzi Scheme.......

Turns out it isn't so easy to offer the best CD rates.........

SEC Shuts Down CD Ponzi Operation

I remember some folks on here asking about them, so i thought I would post this........
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Old 03-27-2009, 02:15 PM   #2
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When it seems to good to be true. If it smells like crap and it looks like crap it probably is crap.
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Old 03-27-2009, 02:18 PM   #3
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From their FAQ (my boldface added):

FAQ : why bank with us, private banking : Millennium Bank

Quote:
Are deposits in Millennium Bank protected by FDIC insurance or any similar deposit insurance plan?

Deposits in all private or offshore banks in the Caribbean and around the world are not protected by FDIC insurance or any other insurance plan. Deposits in Millennium Bank are safeguarded by established laws and regulations strongly enforced by the International Financial Services Authority (IFSA). This strict regulatory audit and monitoring system ensures that private or offshore banks are financially viable at all times therefore eliminating the requirement for deposit insurance.
That alone should have signaled to run far, far away, screaming if need be.
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Old 03-27-2009, 02:21 PM   #4
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"Deposits in Millennium Bank are safeguarded by established laws and regulations strongly enforced by the International Financial Services Authority (IFSA)."

Well golly gee that sounds good enough for me.
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Old 03-27-2009, 02:21 PM   #5
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These Ponzi schemes sure do rake in a lot of money. I think the US government should get in on the game. They could make a tax that everyone had to pay, then give back some to the participants on their designated maturity date so that everything looks great for awhile. . .

Sorry, never mind.

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Old 03-27-2009, 02:23 PM   #6
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Originally Posted by samclem View Post
These Ponzi schemes sure do rake in a lot of money. I think the US government should get in on the game. They could make a tax that everyone had to pay, then give back some to the participants so that everything looks great for awhile. . .

Sorry, never mind.

(I specialize in the most obvious observations. . .)
Hey I think seniors get that 250 rebate check next month.
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Old 03-27-2009, 02:23 PM   #7
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Many on this board, including myself, saw this as a scam a long time ago. The question we should be asking is why did it take the SEC so long?

I have no faith in the powers that be. They are if not corrupt, at least incompetent.
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Old 03-27-2009, 03:13 PM   #8
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It was a conspiracy. The SEC was trying to get lists of the names of investors and then get the IRS to check if they paid taxes on those high interest rate payments so they could prosecute for tax evasion. They are trying the same thing with now with UBS. This is a Joke but sounds good.
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Old 03-27-2009, 04:08 PM   #9
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Quote:
Originally Posted by Notmuchlonger View Post
"Deposits in Millennium Bank are safeguarded by established laws and regulations strongly enforced by the International Financial Services Authority (IFSA)."

Well golly gee that sounds good enough for me.
Hey... they are all over it now. From the IFSA website:

Quote:
Friday, March 27, 2009 - PUBLIC NOTICE Re: Millennium Bank Inc.

The International Financial Service Authority (the Authority) in the exercise of its regulatory functions, at all times seeks to take all necessary action to monitor the international financial services sector’s adherence to the relevant governing legislation including requirements of the International Banks Act and Proceeds of Crime legislation . The Authority has appointed KPMG pursuant to Section 21(2)(e) of the International Banks Act 2004 to assume control over the licensee’s affairs to preserve records and assets.

The Authority is acting on information received from the Securities and Exchange Commission (SEC) which has issued a complaint against Millennium Bank and a number of non-Vincentian companies including United Trust of Switzerland S.A., UT of S, LLC, Millennium Financial Group, Sterling Administration, Sterling Investment Services and Millennium Aviation. Individuals also named in the complaint include William J. Wise, Kristi M. Hoegel and Kristi M. Christopher a/k/a Bessy Lu, Jacqueline S. Hoegel, a/k/a Jacquline S. Hoegel, a/k/a Jackie S. Hoegel, Philippe Angeloni and Brijesh Chopra.
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Old 03-27-2009, 09:20 PM   #10
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Many on this board, including myself, saw this as a scam a long time ago. The question we should be asking is why did it take the SEC so long?

Because the perpetrators did not turn themselves in like Madoff did?
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