Advance fee scam…..What it entails ?

A con man has a big suitcase. Nine hundred deals he put on the table. He figures if you take only one, he’s got something going – Mel Weinberg

As much as we hate Scam artist, things like Advance Fee Scam have existed in the early 1970s. Made famous by Mel Weinberg a true American Hustler and of course a big time con-artist, he is the same guy who crafted Abscam assisting the FBI to nap the Congress.

Let’s look at the similarities which very much have also been used and played on our victims today. Mel however was a much bigger scam artist earning a net profit of 250K each year. Mel Weinberg with similarities to all our Scam Artist all live life large, living in apartments they could not afford, being driven by chauffeurs and of course spending money as fast as they come in. A true trait of a Scammer, very similar to James & Malvin if it were to put in its perspective.

Let’s study the Hallmark of an Advance Fee Scam

  • A willing victim (Someone who have no means of going to the Bank and desperate. To our con artist they are easily identify as “The Mark”)
  • They always ask for an advance fee to underwrite a loan with some mystical offshore bank which doesn’t exist
  • Advance fee is normally nominal ranging from $2000-$5000 depending on the loan amount “the mark” have requested
  • Once advance fee have been paid, the stalling game starts
  • The Con artist sells hopes to it’s “Mark” that the loan will come through but needing to give it more time. As they have no security and collateral due diligence must be done before the “bank” is able to grant the so call “loan”
  • All their overseas trip to visit “The mark” is of course paid by the “Mark” full expense paid trip
  • When time is up the Con artist would informed the “Mark” in writing that the loan was unsuccessful due to certain reasons

Should you have experience similar experiences but too afraid to go to the Police please write in to us.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s