Investor Alerts

The Manitoba Securities Commission
1130-405 Broadway
Winnipeg, MB
R3C 3L6

Public at Risk from Prime Bank Investment Scheme

The Manitoba Securities Commission is warning the public to be on the lookout for an illegal and possibly fraudulent investment scheme. Investments described as "Prime Bank Instruments" or "Bank Debenture Program" are being increasingly sold to individuals who are at risk of losing their money.

Individuals are approached and asked to contribute funds to use in the purchase and sale of Letters of Credit or Prime Bank Notes. Investors are told that by buying and selling these Instruments on a quick turnover basis, investors can earn enormous returns, as much as 2% per week. Investors are also told that the buying and selling of these investments is secret within bank firms and investors are asked to keep all information confidential. The individuals responsible for setting up these schemes explain to potential investors that their money is being invested offshore. They present the investor with an impressive Information Document in which the language may be complicated, leading the investor to believe that the scheme is legitimate.

If you have purchased or been contacted to purchase any of these "Prime Bank Instruments", please contact The Manitoba Securities Commission and ask to speak with one of our investigators, Jan Banasiak (204) 945-2556, Marc Boily (204) 945-1602 or Jason Roy (204) 945-4116. If you live outside of Winnipeg, you can contact The Manitoba Securities Commission toll free (in Manitoba) at 1-800-665-5244.