Business and investment fraud overseas seems to be a growing problem for American businesspeople.
Atlanta, GA, August 31, 2011 - Business and investment fraud overseas seems to be a growing problem for American businesspeople. In addition to all of the scams originating abroad that target American businesses--such as accounts payable and accounts receivable scams--there are many accounts of Americans being ripped off after they do business in foreign countries.
For example many Americans get lured to seemingly modern countries and asked to participate in business ventures. Scam artists are able to do this because some of those countries lack the legal protections available in the United States. For example, there is no SEC and no SEC disclosure rules to require companies to reveal details of their operations. Many companies do not have modern banking regulations so it is often easier to steal money placed in a foreign bank.
Another reason why con artists may try to lure Americans to do business in a foreign country is that the fraudsters often have local political connections. They may have friends or relatives in the local government who will protect them even if they commit blatant crimes against foreigners, whether these are Americans, British subjects, Canadians or Australians.
Fraud Overseas
A typical example of this was exposed by a lawsuit filed in a Florida court by New York attorney Howard Fensterman. Fensterman alleged that he and his clients were lured to Abu Dhabi in the United Arab Emirates to help organize an insurance company. To facilitate this deal they had to put $18 million in a UAE bank, yet the money was simply stolen from the bank. The investors filed suit in the U.S. to recover their funds.
This kind of fraud can occur even if you are lured to a foreign country by its government or prominent citizens. In some cases they may even be in on the scam.
Contact:
Mike Smith
440 Andrews Ave
Atlanta, GA 30301
920-343-0980
No comments:
Post a Comment