SEC Charges Duo for Their Roles in Prime Bank Program

After US federal government agencies warned that “prime bank” instruments lacked legitimate use in the mid-1990s and the US Securities and Exchange Commission (SEC) bluntly stated that all “prime bank” investment programs are fraudulent, scams of this nature have dropped off precipitously over the last decade. From time to time however, unscrupulous individuals will dust off past schemes and repackage them in an attempt to dupe investors.