Advance Fee Fraud/ Up front payment scams

Discussion in 'Commodity Scams' started by Templar, Jun 23, 2009.

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  1. Templar

    Templar Super Moderator

    Hi All,

    This is a Typical Advance fee fraud that I had received through a naive Broker
    trying to break into the business.
    he feels that the seller is reliable and had forwarded to me sanitising the seller's contacts.
    I have taken out his email as I do know that he is an idiot.

    Subject : AREVENCA VENEZUELA
    Date : Mon, 22 Jun 2009 22.56.14 +0530
    From : V

    Sir,

    I have this offer for D2 and JP. Please review and advise.

    Dear V,

    At the moment we have available for you:

    SPOT NOT AVAILABLE

    CONTRACT: JP54 1.000.000 tons per month/ one year

    D2 2,000,000 MT/ month for 1 year Price Gulf of Mexico Platt less $9/MT

    Price: valid until Wednesday 24th June, 2009 is $1.78/gal.

    To formalize your request, please follow the procedure outlined below. Pleasenote that THESE PROCEDURES ARE NOT NEGOCIABLE.

    PROCEDURE: -

    The buyer must send a request whit full identification buyer, product,quantity, periodicity, CIF or FOB, and a MT799 from a prime line bank.
    - After the reception of the request, and verification of the MT799, theRefinery will ask, and will authorized ,an deposit for the 0,5% of the totalamount of the request in the account of the Refinery.
    - This percentage will be accredited to the Invoice.
    - After the reception of this deposit, the Refinery will emit an Pro FormInvoice for the first month cargo.
    - If the buyer want emit an MT03/23, that must be irrevocable and will beliberate for the bank at the reception of the Commercial Invoice, (PropertyTitle) that will be send directly to the bank.
    - After the reception of the Pro Form Invoice the buyer must paid in 3 bankingdays by wire transfer free and clear.
    - As soon the Refinery received the payment , the Operations department put thebuyer in schedule load and will emit the Commercial Invoice. - At the load day, as soon the vessel is loaded, the refinery will send to youthe SGS inspection, Bill of Loading and Partial Commercial Invoice, theoriginals by Currier and an copy by email.
    - If the costumer received whit out demurrage all the first month cargo, Therefinery will sign an Long Term Contract. - In the long term contract, the costumer must emit an Bank Guaranty, and thepayment of each cargo will be 10 days after reception by wire transfer free andclear

    My Reply :

    V,

    The scam lies in the 103'23.

    There is no such thing.

    Once the credit is transfered, they will all disappear.

    Venazeula needs all buyers to be registered.

    They are OPEC members, and produce Jet A1 and not JP54.

    No one in the market can give 1,000,000MT D2 monthly as logistically it is impossible.

    If a contract is that size, the president of the country will be signing the contract as that would mean the entire country's natural resource.

    D2 is about 15% of a barrel of crude.

    For venezeula, with their MESA crude, it is about 12%.

    You are talking of refining 9,000,000MT of crude monthly and that is 64,800,000BBL of crude.

    The entire South America does not produce that amount.
     
    Last edited: Jul 12, 2010
    jack361791 likes this.
  2. Templar

    Templar Super Moderator

    Another Clown

    Folks,

    This guy actually believes that he is selling something that is real. A sad case of self denial. The scam lies in the term conditional MT 103'23. There is no such thing as MT 103 is a transfer of credit and there are no conditions attached. Upon receiving, they will withdraw and run.Law enforcement is difficult here as the benificiary's bank is in a different juridiction and his banker does not have a fiduciary duty towards you.

    We are able to arrange leasing of bg/sblc
    at 11/12 plus two
    there is no upfront charges.

    lessor to send rwa to lessee first

    We are ready to send you draft agreement for your review

    enquirers welcomed

    Patrick L

    skype id atrickkinglxx

    Description of Instruments:
    1. Instrument: Bank Guarantee (BG) / SBLC(Appendix A)
    2. Total Face Value: €10M Min.€5B Max.
    3. Issuing Bank: HSBC, BOA, WELSFARGO, CHASE BANK, Standard Charter UK.
    4. Age: One Year and One Month
    5. Leasing Price for Face Value 1B or above 11% of Face Value plus 2% commission fees to brokers to be shared 50/50 between the brokers on both lessor /lessee sides
    Leasing Price for Face Value below 1B12% of Face Value plus 2% commission fees to brokers to be shared 50/50 between the brokers on both lessor /lessee sides
    6. Delivery SWIFT TO SWIFT.
    7. Payment: By Wire Transfer Payment
    8.. Hard Copy: Bonded Courier within 7 banking days.

    Procedures:
    1. Lessor and Lessee execute, sign and initial this Deed of Agreement which thereby automatically becomes a full commercial recourse contract.

    2. Within three (03) international bankingThe Lessor will issue letter from his bank, stating readiness and willingness to issue swift mt 760 upon confirmation of lessees mt 103/23.

    3.The lessee will cause his bank to issue conditional MT103/23 payment of all leasing fee into the lessor’s bank account subject to deliver the swift MT 760 and the hard copy of the instrument by the Bonded Courier within 7 banking days

    4. Within seven (07)international banking days of confirmation of the Lessor's swift MT760 of the SBLC at the receiving bank, the Lessee will release the payment by wire transfer into the Lessor’s bank account 11/12 % + 2% of the face value of the BG as commission fees to the broker’s bank accounts.

    5. Within 7 banking days after confirmation of receipt of payment of the leasing fees and the commission fees, the Lessor will deliver the hard copy of the BG to the receiving bank via bank bonded courier.

    Should Lessee default to pay the leasing fees to the lessor and the brokers commission fees as agreed after 7 banking days of confirmation of the SBLC MT760 in the receiving bank , Lessor will instruct the issuing bank to put a claim on the BG or SBLC thereby forcing the receiving bank to return the BG MT760 to the issuing Bank

    Best regards,
    Patrick L
    [patricklee88x@gmail.com]
    for conference call pls call
    Dial - (712) 432-1699
    Enter Access Code - 616995*
    skype atrickkinglee
    tel 852-9709-0298
    for conference call pls call
    1-319-741-8100
    Access 600403#
     
    Last edited: Apr 17, 2010
  3. Templar

    Templar Super Moderator

    The Naive broker AGAIN!!!

    Subject [RE]Enquiries
    Sent Date 07-13-2009 8: 24: 37 PM
    From XX
    To "V" <XXXXXXX@hotmail.com>

    V,

    My comments below.

    ---------[ Received Mail Content ]----------
    Subject : Enquiries
    Date : Mon, 13 Jul 2009 21:26:03 +0530
    From : v <vxx@hotmail.com>

    Sir,

    I have the following requirement.
    If you can supply please let me know the terms. I will do the DD then will I get back to you.

    Look forward to your offer.
    ----------------------------------------------ENQUIRY-I for D2

    MY ASSOCIATE SAYS HE IS DIRECT TO THE BUYER. BUYER WANTS TO LINE OF CREDIT.

    ICPO + Banking Co-Ordinates (BOA, Miramar)
    Seller issues Draft SPA with full coordinates
    Buyer returns contract signed

    Seller issues TSR/SGS to buyers bank The Russian system does not
    work this way
    Buyer verifies TSR/SGS and issues MT103/23 There is no such thing as a MT 103 field 23. It is used by conmen only.

    Seller issues Full POP PoP is done on a MT 999 after PoF on a MT 799 for 3 months SBLC

    Buyer pays by MT103 upon title transfer There is no security to the seller as there is no LC in place. It can be seen as an attempt to cheat the seller.

    That is the only way this buyer can buy They will get no cargo.

    Should the seller actually own the allocation and be able to swift the issue of TSR/SGS direct to the buyers Bank, BOA - Miramar , Florida, then a MT103/23 will be placed in favour of the seller for the liftable fuel. To put a MT103/23 in place for a rogue figure of liftable that cannot be verified until after the fact is something we cannot authorize. If the seller owns the fuel they are at no binding risk sending POP information to BOA for them to pass to the trading team to verify, from there the deal will close very promptly.
    These are the current trading guidelines in place by BOA to prevent the Bank and Client being over exposed should the POP be fake or there be any discrepancy on the actual ownership as an allocation number does not give us enough evidence that the product actually exists.

    V, I have worked with BOA and Wells Fargo. Those are not the terms, and how can a bank advise on using a non existence mode of payment, MT 103'23 and no SBLC or LC in place.

    You are dealing with Joker Brokers or Conmen.
    --------------------------------------------------------------------------

    ENQUIRY - II for D2.

    The Next Request different buyer:

    We, . on behalf of BuyersGroup/China, are seeking offers on
    Diesel Fuel D2 L-0 02-62 GOST 305-82
    Quantity 200,000 MT monthly x12months CIF Chinese seaports
    Payment by Letter of Credit
    Any expenses in Russia such as Transport/pipeline tariff, Contract legalization fees, Notarization fees and all fees, charge etc shall be borne by Seller. Absolutely no TT advance payments
    Inspection by SGS paid by Seller
    Performance Bond 2.5%
    Please provide detailed specifications, country of origin, delivery schedule

    V, There is no upfront costs to anyone but the Performance Bond of 2.5% is not in line with industry practise.

    Perhaps next year as my request list for D2 is long.

    --------------------------------------------------------------------------

    ENQUIRY 3 for JP AND REBCL

    ALL BROKERS , INTERMEDIATES , FACILITATORS SHOULD SIGN THE NCND+MFPA FIRST THEN BUYER THEN SELLER – NO NEGOTIATION FOR THIS
    PAYMENT : NON-TRANSFERABLE RDLC OR MT103 - NCND is an illeagal term and has been deemed by law as a Fradulent Document. How many in the Daisy Chain ?

    JP54 There is no cargo for this item.1- QTY = 4,1 MILLION BBLS/MONTH X12 MONTH
    2- DELIVERY = FOB ROTTERDAM 3- PRICE = 47/45 There is no such thing and is selling at premiums of +$25 per BBL now.
    4- DURATION = 12 MONTH

    REBCO

    Qty = 25 BBLS/MONTH X 60 MONTHS A MEGA Gov to Gov contract is only 7M bbl mth. 25M is almost all of the export quota of russia. There has to be a sense of reality. At $65.00 per bbl the ave invoice more than $1.6B monthly. This is totally unrealistic, and Logistically impossible.

    CIF / FOB = ROTTERDAM
    PRICE = FIXED PRICE WE NEED – 10/6 DISCOUNT Only in their dreams as even on a 3 month sblc, the discount is that amount.
    WE NEED BOTH PRICES FIXED AND DISCOUNT

    CONTRACT PROCEDURES

    1- BUYER ISSUES AN ICPO WITH FULL BANK DETAILS AND SOFT PROB.
    2- "SELLER” ISSUES FCO AND SEND TO BUYER.
    3- BUYER SIGN FCO AND RETURN TO SELLER.
    4- SELLER ISSUES DRAFT CONTRACT AND MENTION THE CONTRACT NUMBER, OPEN FOR AMENDMENTS.
    5- BUYER SIGNS THE DRAFT CONTRACT AND RETURN TO SELLER WITHIN 3 WORKING DAYS FOR SELLER SIGNATURE ., SELLER CONVERT IT INTO PDF FORMAT AND RE-SEND IT TO BUYER AS FINAL CONTRACT TO BE LODGE IT TO EACH PARTY 'S BANK For such a large contract, hard copies and a meeting by both bankers is a norm.
    6- SELLER SWIFT SOFT POP (PARTIAL) TO BUYER’S BANK FOR VERIFICATION AS FOLLOW: PoP is issued only after Proof of funds on a MT 799 commitment/ RWA.
    6-1_ COPY OF LICENSE TO EXPORT ISSUED BY THE RUSSIAN MINISTRY OF ENERGY
    6-2_ COPY OF APPROVAL TO EXPORT ISSUED BY RUSSIAN MINISTRY OF JUSTICE.
    6-3_ COPY OF STATEMENT OF AVAILABILITY OF PRODUCT.
    6-4_ COPY OF REFINERY COMMITMENT TO PRODUCE THE PRODUCT – BANK TO BANK
    6-5_ STORAGE TANK RECEIPT FOR LIFT-ABLE PRODUCT – BANK TO BANK ONLY
    7- BUYER VERIFY SOFT POP
    8. BUYER'S ISSUE NON-OPERATIVE IRREVOCABLE, CONFIRMED [FOR ONE MONTH LIFTING VALUE], NON-
    TRANSFERABLE RDLC CONFIRMED BY WORLD TOP 25 PRIME BANK PAYABLE 100% AT SIGHT AGAINST
    PRESENTATION OF SHIPPING DOCUMENTS TO BUYER`S BANK.
    9- SELLER’S BANK SWIFT "FULL POP" ALONG WITH 2% PB TO BUYER’S BANK TO ACTIVATE BUYER`S RDLC.
    10- DELIVERY COMMENCES WITHIN 30 DAYS OF RECEIVING AND ACCEPTANCE OF BUYER`S RDLC.

    The Docs requested 6-1 to 7 is nonsense and there is no such thing as SOFT PoP.

    V, you are dealing with joker brokers. Please learn the business. I had address MT 103'23 to you before and you don't seem to learn.
    ==========================================================

    With Best Regards
    V
    Skype Id - svs99
     
    Last edited: May 1, 2010
  4. Templar

    Templar Super Moderator

    Up Front Payment SCAM

    This is a typical Scam targeting naive investors and is a up front fee scam.

    Once the funds are transfered, they will all disappear leaving the unqualified broker ( the guy who sent this to me ) holding the bag.

    Lack of understanding in the finance industry is the scammers advantage and many have been scammed.

    Bank Guarantees are not securities and do not have ISIN numbers.

    ________________________________________________________________
    Return-Path: hktraderxxx@gmail.com
    Delivered-To: xxxxxxxxxx
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    bulk,SPF:,MSBL:none,DNSBL:none
    X-Filterd-Recvd-Size: 9720
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    References: <406a3e9f0909092358k78c17c9am38145887b39289d6@mail.gmail.com>
    Date: Thu, 10 Sep 2009 15:09:59 +0800
    Message-ID: <c17cf0310909100009h7082191j921e4faa6e066087@mail.gmail.com>
    Subject: Fwd: hsbc bg 82+1 no pof
    From: "Patrick , Hong Kong" <hktraderxxx@gmail.com>
    To: Patrick Lee <hktrader001@gmail.com>
    Content-Type: multipart/alternative; boundary=0016e648f4b23286c8047333e362
    ______________________________________________________________

    Any interest in bg 82 ,no pof,

    Copy of euroclear screen shot available on request

    Enquiries welcomed

    Patrick

    Bank Instruments Particulars

    Instrument Type: BANK GUARANTEE – cash backed - /seasoned- BG is not a security.
    Maturity-Date: 13th May 2010

    ISIN: XS4457239822- Checked Euroclear, Search results Refine search - No results found


    Invoice Price: 82% of Face Value

    Commission: 1% payable from sell side Standard commission is 0.08%
    Value: 50Million Each BG Face Value

    First Tranche: 50Million Euro with R & E up to 10,000,000,000,00 Billion

    Transaction Procedure

    3. Sellers bank officer at Credit Suisse will contact the buyers bank officer to confirm the BG on the Interbank Screen.- No such Screen exist

    4. The buyer’s bank officer will block funds in favor of the sellers account at Credit Suisse or send Mt 103/23 to Sellers CS Account (supplied with the countersigned document in step 2).-
    MT 103 is a credit transfer and there is no such thing as a conditional MT 103 field 23.

    5. After successfully blocking the funds the seller’s bank officer will download the BG to the sellers account at Credit Suisse using the window 12 procedure. Steps 9-10-11 require reserve, blocking & reconfirmation for Mt 760 as per Step 11 .

    The bank guarantees will then be delivered to the buyer bank account provided in the ICPO by Steps 9-10-11 by Mt 760 . -

    This is all RUBBISH

    Best regards,
    Patrick

    patrickxxxx@gmail.com

    for conference call pls call
    Dial - (712) 432-1699
    Enter Access Code - 616995*

    skype:patrickxxxxx
    tel 852-9709-xxxx

    --
    Best regards,
    Patrick Lee
    hktraderxxx@gmail.com
    patrickxxxxxx@gmail.com
    skype:greaterxxxxx2008
    tel 852-9709-xxxx

    for conference call pls call
    1-319-741-8100
    Access 60040x#

    I have edited out some contact info.
     
    Last edited: Jan 30, 2012
  5. ElinorW

    ElinorW New Member

    Your Donkey Post

    You realy don't know what you are talking about. First of all BG is a bank instrument, and any bank instrument (BGs, MTNs, CD, etc etc..) have ISIN's. Also, Interbank Screen exists, it is a private screen. If a BG is loaded on Interbank, you cannot verify it through Euroclear.com (internet) the ISIN can only be verifie by the banking euroclear system. Also on commission, there is no regulation on that, the usual is 1% or as agreed (not realy a big concern/issue).

    Also, MT103/23 is Blocking the buyer's funds, meaning he is not transfering his funds and it has a condition (that is what the 23 is for) if you knew what you were talking about you would know better not to say it's not real, but then again, i don't think you know better or understand this buisness.

    I think it is safe to say, that everything you just said is indeed "All Rubbish"

    Thanks & God bless....


     
  6. Sapphire's Strike

    Sapphire's Strike Administrator Staff Member

    Up Front Payment Scam

    @ElinorW

    I would suggest that you get your facts correct before posting such nonsense in defence of a scammer.

    Here is more for you to read: http://antifraudintl.org/threads/capital-corp-limited.27247/

    This site is not here for you to slam and challenge a very knowledgable and respected member, who obviously knows far more than you do in this field. Please know that all members on this site work very hard and in a voluntary manner!!

    So, to coin the phrase that you rudely used:

    I think it is safe to say, that everything you just said is indeed "All Rubbish"
     
    Templar likes this.
  7. Templar

    Templar Super Moderator

    ElinorW

    Your points are:
    1) Bank Guarantee have ISINs.
    2) Interbank Screen Exists.
    3) MT103/23 is Blocking the buyer's funds.

    Let me try to clarify.

    On :

    1) Bank Guarantees are not securities and fall under Documentary Credits and Guaranteeshttp://www2.anasys.com/swifthandbook/, Hence the MT 7XX series and not MT 5XX series that are used for securities. CUSIP and ISINs Identifiers for Securities.

    See : http://www2.anasys.com/swifthandbook/
    http://en.wikipedia.org/wiki/International_Securities_Identification_Number

    2) Interbank Screens.
    If the screens that branches of a said bank use to check accounts and reports with thir HQ, yes it does exist, but there is no system that allows Bank X to check anything on Bank Y. There is the banking Secrecy Act and banks are in competition with one another. It will amount to Cartelism. There is no Blue or Grey screens that Joker Brokers or Scammers talked about. Check with your Banker.

    3) MT 103 Field 23 is not for blocked funds. It is an outright credit transfer.
    http://www.anasys.com/swifthandbook/

    Field Tag Field Name Required contents for Straight-through Messages
    :20
    Transaction Reference Number
    Sender's Unique Number
    :23B
    Bank Operation Code
    Use ‘CRED’ unless otherwise specifically agreed.

    MT 103+ Single Customer Credit Transfer

    Scope
    Message User Group: No
    Authenticated: Yes
    Max. Length: 10000

    Network Validated Rules
    C02 If field 71G is present, the currency code in the fields 71G and 32A must be the same.
    C81 If field 56 is present, field 57 must be present.
    D19 Special rules for IBAN for certain countries apply.
    D49 If the country codes of both the Sender's and the Receiver's BIC belong to the D49_CC list, then field 33B is mandatory.
    D50 If field 71A contains SHA, then field(s) 71F is(are) optional and field 71G is not allowed.
    D51 If either field 71F (at least one occurrence) or field 71G is present, then field 33B is mandatory
    D57 In field 71G, Amount must not equal '0'
    D67 When field 23E is used more than once, then 'REPA' with 'CORT' is not allowed
    D75 If field 33B is present and the currency code is different from the currency code in field 32A, field 36 must be present, otherwise field 36 is not allowed
    D97 Subfield 2 of field 23E is only allowed when subfield consists of: 'REPA'
    D98 If field 23E is repeated, the codes must appear in a certain order
    E01 If field 23B contains the code word 'SPRI', field 23E can contain only the code words 'SDVA', 'INTC'
    E02 If field 23B contains one of the code words 'SSTD' or 'SPAY', field 23E must not be used
    E04 If field 53B is present, then subfield 1 must be present (party identifier)
    E06 If field 55a is present, then both fields 53a and 54a must also be present
    E10 Subfield 1 in field 59a is mandatory (account)
    E13 If field 71A contains 'OUR', then field 71F is not allowed and 71G is optional.
    E15 If field 71A contains BEN, then at least one occurrence of field 71F is mandatory and field 71G is not allowed
    E16 If field 23B contains the code word 'SPRI', field 56a must not be used.
    E46 If field 23E is repeated, the same code word must not be present more than once
    E76 Currency not allowed after 31.December 2001

    Format
    Status Tag Field Name Content/Options No.
    M 20 Sender's Reference 16x 1
    ----->
    O 13C Time Indicator /8c/4!n1!s4!n 2
    -----|
    M 23B Bank Operation Code 4!c 3
    ----->
    O 23E Instruction Code 4!c[/30x] 4
    -----|
    O 26T Transaction Type Code 3!c 5
    M 32A Value Date/Currency/Interbank Settled Amount 6!n3!a15d 6
    O 33B Currency/Instructed Amount 3!a15d 7
    O 36 Exchange Rate 12d 8
    M 50a Ordering Customer A or K 9
    O 52A Ordering Institution [/36x]
    11c 10
    O 53a Sender's Correspondent A or B 11
    O 54A Receiver's Correspondent [/36x]
    11c 12
    O 55A Third Reimbursement Institution [/36x]
    11c 13
    O 56A Intermediary Institution [/36x]
    11c 14
    O 57A Account With Institution [/36x]
    11c 15
    M 59a Beneficiary Customer A or 16
    O 70 Remittance Information 4*35x 17
    M 71A Details of Charges 3!a 18
    ----->
    O 71F Sender's Charges 3!a15d 19
    -----|
    O 71G Receiver's Charges 3!a15d 20
    O 72 Sender to Receiver Information 6*35x 21
    O 77B Regulatory Reporting 3*35x 22
    O 77T Envelope Contents 1000*9000z 23

    See :
    http://wiki.answers.com/Q/What_is_a_Swift_MT_103_field_23
    https://www.swiftcommunity.net/communities/63/forum/3011/forumPostDetail/19781
    http://www.swift.com/solutions/by_c...e/SW4CORP_MT_MIGRATIONGUIDE_20090122_v1.0.pdf
     
  8. Templar

    Templar Super Moderator

    http://www.swift.com/solutions/stan...pe_of_the_service_level_agreements/index.page

    Scope of the Service Level Agreements
    Posted 29 December 2003
    The “Service Level Master Agreement” (SLMA) sets out the overall common legal framework for each of the Service Levels. SWIFT users wishing to sign up for one or more of the Service Levels first need to sign the “Service Level Master Agreement” (SLMA) and will select the relevant Service Level(s) by completing and returning the Service Level Selection Form.

    The set of Service Levels has been developed by SWIFT and its user community. These set out specific rules and regulations applicable to the participating institutions for each Service Level:

    Service Levels Flag Short description
    Request for Transfer N/A Supports a growing need for centralised cash management services and for remote disbursements
    SWIFTPay Field 23B: MT 103(+)
    Field 23: MT 102(+)
    Covers the lower value, less urgent Credit Transfers markets
    Priority Field 23B: MT 103(+) Guarantees same day value and notification to the Beneficiary Customer of incoming Credit Transfers within four hours
    Standard Field 23B: MT 103(+) Covers Credit Transfers with an end-to-end execution time of between two and four business days
    Direct Debit Transfer Request N/A Enables banks to operate in a predictable environment


    The combination of the Service Level Master Agreement and the Service Levels eliminates the need for multiple, detailed, bilateral bank agreements. Participating institutions then only have to agree on the interbank fees that apply to the transactions.

    Guarantees:
    The Service Levels enable participating SWIFT users to provide guarantees to their end-customers, in particular, with respect to the execution time, remittance information and charging arrangements.

    All Service Levels define specific acceptance, control, rejection and redress procedures as appropriate.

    Credit Transfers Service Levels

    Main differences between the different Credit Transfer SLAs
    SWIFTPay Standard Priority
    Message Type MT 103 (+) / MT 102 (+) MT 103 (+) MT 103 (+)
    Standard amount USD 20,000
    EUR 50,000 (EU Cties) Unlimited Unlimited
    Currencies Original or Beneficiary Cty (USD or EUR) Any convertible Any convertible
    Max E2E Execution Time Days 6 business days 2-4 business days 1 business day
    Remittance Info. "On Us" N/A N/A 4 hours
    Remittance Info. "Not On Us" From 18 characters up to 4 *35x From 18 characters up to 4 *35x From 18 characters up to 4 *35x
    Batch Payments Suitability Yes No No

    Request for Transfer Service Level
    The “Request for Transfer” Service Level defines the responsibilities of the participating institutions sending Request for Transfer instructions (Forwarding Banks), as well as the responsibilities of the participating institutions receiving the instructions (Executing Banks). This Service Level also provides additional MT 101 message specifications that ensure a uniform interpretation and implementation between participating institutions.

    Direct Debit Service Level
    The “Direct Debit Transfer Request” Service Level defines the obligations of the Creditor’s Bank and Collecting Bank. This Service Level also provides additional MT 104 message specifications that ensure a uniform interpretation and implementation between participating institutions.
     
  9. Porschter1

    Porschter1 Guest

    Dont talk about what you dont know.

    Being a principle, and partners in an oil company, we realize the US banking is different than international banking. Such is the mt103/23 the 23 is a line used for bank to bank purposes, brokers use it out of context yes. With a refinery license, selling to majors and non majors, or resellers for that fact, pricing is all over the board. a Platts -10/7 is common for a majors pricing, they do like it lower. If you are purchasing from a refinery, you understand where you have to keep your margin. An sblc typically needs either money backed, or the bank will issue you a credit line on that instrument. We cash back all of our own instruments. If your bank, has exchanged RMA keys with an overseas bank, and agreed to accept the mt760, you will of course already understand that. And anyone who believes that you cannot do 1mil mt of D2 per month, is obviously not in the oil business. The ULCC supertankers can hold 500k mt. There are 268 ships currently under contract. The brokers have taken over and flooded this business with Rumors and mis guided information. It is a logistics nightmare to ship 25m bbls of JP54, as you cannot have more than 1 ship per day at the port, typically Rotterdam. All of the information below, is somewhat correct, with a few errors, but yes, only talk with title holders, or papered mandates. Unless your business partner owns an oil company for 30 years. The registered ICC document is an international standard document. You have many forms of NCND's and they are all allowed in court, some are stranger than others. Most NCND's IMFPA's are weak, and loose worded. But None of which are illegal. Go back to do some homework my friend. Its nice to see someone trying to look out though.
     
    Last edited: Sep 11, 2010
  10. Templar

    Templar Super Moderator

    @ Porschter1

    Dont talk about what you dont know.

    Fully agreed.

    Learn the business.
     
  11. Templar

    Templar Super Moderator

    SEC on Oil and Gas Scams

    http://www.sec.gov/investor/pubs/oilgasscams.htm

    Oil and Gas Scams: Common Red Flags and Steps You Can Take to Protect Yourself

    Henry . . . was a successful business man, married for 30 years, raised a family and had a good life . . . after his wife’s death, he received an [overnight] package of materials with all kinds of reports, and it was offering an oil and gas investment . . . And it was unsolicited. . . he ignored it . . . But the next day, a salesman called him and used high-pressure sales tactics . . . to persuade him to invest $40,000. And here are some examples of what was said to him on the phone: “These gas wells are guaranteed to produce $6,800 a month in income;†“Some of the most successful investors in the country are interested in these wells;†“There are only two units left in this project;†“We drilled a well in Texas that had these same early gas readings, and the investors all made millions.†. . . Over a three year-period, Henry was recontacted 12 times and invested, essentially, his life savings in 4 different gas wells, each time thinking that he had to invest or lose his original investment . . . He ultimately lost over $500,000 to this oil and gas scam investing in wells that always seemed promising at first . . .

    - Description of an oil and gas scam victim at the SEC’s first-ever Seniors Summit (July 2006)

    If you think you’ve found the right oil or gas investment to “strike it rich,†consider this: it may be a scam. While some oil and gas investment opportunities are legitimate, many oil and gas ventures are frauds. Many of these schemes start in so-called “boiler rooms,†where skilled telemarketers use high pressure sales tactics to convince you to hand over your hard-earned money.

    Once they have your money, scam artists pay themselves first, often using funds to pay personal expenses. In the end, only some of your money may be invested in an actual oil or natural gas well, or none at all.

    Red Flag Warnings

    If you are considering an oil and gas investment, look for these “red flag†warnings of fraud:

    * Sales Pitches Focused on Highly Publicized News. Scam artists read the headlines, too. Often, they’ll use a highly publicized news item, like volatile gas prices, to lure potential investors and make their “opportunity†sound more legitimate.

    * “Can’t Miss†Wells. Every investment carries some degree of risk so you should be skeptical of any oil and gas investment opportunity pitched as completely safe. Fraudsters often spend a lot of time trying to convince you that extremely high returns are "guaranteed" or "can't miss." Don't believe it.

    * Unsolicited Materials. Be especially careful if you receive unsolicited materials about an investment. Simply ignoring investment-related “junk†faxes, emails, voice mail messages, and regular mail may be your best strategy. And don’t let a package full of colorful marketing materials impress you, even if it’s sent by certified or overnight mail. If you’re not going to research an opportunity fully, do yourself a favor and put any unsolicited materials in the recycle bin immediately. If someone calls to follow up regarding the materials, tell him or her “thanks, but no thanks†and hang up. [Hanging up is critical because scam artists often use scripted sale pitches to keep you on the phone.]

    * Limited Opportunities. Scam artists often try to give you the impression that the “ opportunity†they are promoting is scarce, hoping you will hand over your money hastily before doing any due diligence. Resist the pressure to invest quickly, and take the time you need to investigate before sending money.

    * High Rates of Return. Compare promised yields with current returns on well-known stock indexes. Any investment opportunity that claims you'll get substantially more could be highly risky. And that means you might lose money.

    * Tips or Secrets. A promoter may discourage you from talking about the opportunity with someone you trust, like a loved one, attorney or financial professional. If that happens, stop listening, and leave or hang up. Then, be sure to contact us.

    Steps You Can Take to Protect Yourself

    Here are some steps you can take to avoid being scammed:

    * Ask questions and check out the answers. Fraudsters rely on the sad truth that many people simply don't bother to investigate before they invest. It's not enough to ask a promoter for more information or for references - fraudsters have no incentive to set you straight. Savvy investors take the time to do their own independent research.

    * Contact state oil and gas regulatory agencies. You may be able to verify information provided in offering materials by contacting the oil and gas regulatory agency in which the wells are allegedly being drilled. For example, these agencies generally have information about a company’s drilling history that could confirm claims of prior success.

    Investor Tidbit:
    You might be surprised to learn that the Railroad Commission of Texas oversees the Texas oil and gas industry. Unfortunately, state oil and gas regulatory agencies don’t have uniform names. If you’re having trouble finding the agency that regulates oil and gas in a particular state, enter the State’s name - followed by “oil and gas†- into your favorite Internet search engine. The appropriate agency should be listed near the top of your search results. If you are still having trouble, call us at (800) 732-0330.

    * Research the company before you invest. You can contact the secretary of state where the company is incorporated to find out whether the company is a corporation in good standing. You also will want to understand the company's business and its products or services before investing. Before buying any stock, check out the company's financial statements on the SEC's website, or contact your state securities regulator. All but the smallest public companies have to file financial statements with us. If the company doesn't file with us, you'll have to do a great deal of work on your own to make sure the company is legitimate and the investment appropriate for you. That's because the lack of reliable, readily available information about company finances can open the door to fraud. Remember that unsolicited materials should never be used as the sole basis for an investment decision.

    * Know the salesperson. Spend some time checking out the person touting the investment before you invest - even if you already know the person socially. Always find out whether the securities salespeople who contact you are licensed to sell securities in your state and whether they or their firms have had run-ins with regulators or other investors. You can check out the disciplinary history of brokers and advisers quickly - and for free - using the SEC's and FINRA's online databases. Your state securities regulator may have additional information.

    If you encounter a problem with an oil and gas investment, you can send us your complaint using our online complaint form at www.sec.gov/complaint.shtml. You can also reach us by regular mail at:

    Securities and Exchange Commission
    Office of Investor Education and Advocacy
    100 F Street, N.E.
    Washington, D.C. 20549-0213
     
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