Fake Treasury 'Promissory' Notes Being Used To Scam Desperate Homeowners

Los Angeles Times:

Yet another scam designed to separate homeowners from their money is making its way across the country from the West, where desperate sellers are willing to accept just about any kind of compensation to get out from under.

This scheme involves the use of fraudulent Treasury-related promissory notes and bonds as down payments by charlatans who claim to be short on cash. In most cases the scam artists try to buy homes using these worthless documents, but in one case they actually tried to purchase an office building.

Read the whole story: Los Angeles Times

Comments

[Mikeeee]

The Glass-Steagall Act should be re-instated by a presidential signing order effective immediately and to stay in effect for 6 yrs. Maybe, just maybe the dolts will see it works and maybe just maybe they'll see the folly of allowing the FED to stay in business.

[Mikeeee]

These guys are small time compared to geitner, bernacke, lewis and the rest.

[Mum]

What's with the photo of Geithner?

[Mikeeee]

You usually put up a picture of the perp?

[frantaylor]

People who sign mortgages for overpriced property are already easy marks.

Those who accept bailout money should be required to have "Not good with finance" tattooed on their foreheads.

[RJII]

There's also a "matching funds" scam going around.

[2tango]

Yes I read that article in te LATIMES this morning, and my question is...when these scammers will be arrested?

All sound like a gossip in town, but there's no results.

[Luvial]

Nobody gets arrested for financial crimes in the Obama administration.

[totaldisbelief]

and these fraudsters are going to jail ..when?
Forget the Tommy-Guns more people are getting robbed with Pen and Paper.

[Billy Hell]

Aren't they all fake?

[RomeoMD25]

The Glass-Steagall Act, passed in 1933, established regulations for the U.S. banking industry. It had two main effects: first, it created a firewall between commercial banking and Wall Street, in order to prevent the assets of typical account holders from being used in high-risk investments; second, it established the FDIC, which insures deposits. The act was repealed in 1999, but the FDIC remains.

[Agent420]

Who's stupid idea was it to repeal the act? We need it back with long teeth.

[RomeoMD25]

Clinton,Republican led congress

[1088]

The Obama Admin have been telling the Media about scams in the mortgage business, but their message is not getting through, because the media doesn't care about the American People, they only want juicy scandals. In general, the Obama message is not getting through the filtered media.

[Antifascist-08]

Russian Mafia?

We have turned into an Eastern European nation.

Everything is a scam.