Released: July 05, 2009

Scam: Fraudulent Treasury ‘promissory notes’

Source: Lew Sichelman, Los Angeles Times (Free Registration)

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.

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