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60(11)

NIGERIAN FRAUD

This fraud, which usually originates in Nigeria, generally involves a taxpayer receiving a letter which requests assistance in helping a person to extract large sums of money from a foreign country. The letter usually implies that there is a crooked element to this and that the Government of Nigeria would not approve if it knew.

The taxpayer is asked to send their banking information so that a massive sum can be moved into their bank account. The fraudsters then claim that they need a small amount for administration purposes - and these requests continue and continue.


For more information about the Nigerian Fraud mechanics see the National Post, Wednesday, August 21, 2002, for a full-page analysis, including a discussion with Paul B who admits he has thrown away $500,000, lost his life savings, his mar-riage and his tile business, is in trouble with Revenue Canada and still, over coffee in a Calgary hotel, dials his cell phone and sends off another $2,500. According to police, the Nigerian scam has taken $10 million from Westerners, including $2 million from a dozen people in Moose Jaw, Saskatchewan.

In another case, Mr. D had sent over $1.9 million for items such as "chemical de-coding of cash funds" and bail for a par-ticipant who had allegedly been detained in Germany. In fact, he had to steal from his employer to finance these expenditures for which he was told he would eventually get over $10 million U.S.S.

With respect to the theft from the em-ployer, the Court of Appeal in Ontario noted that persons in positions of trust, who breach that trust (such as employees), will receive jail terms in the range of three to five years even if it is a first offence and even if there were personal circumstances involved. The main purpose is to deter, not sympathize.


A NEW TWIST

Some ads promise a guaranteed loan for persons with a poor credit history or no credit rating. Once contacted, the fraud-sters request an up front processing fee. If paid, it will be gone, along with the company, forever. The RCMP advise you to call 1-888-495-8501 (toll free) for more information or to report a possible fraud.

Redistibution of this newsletter is strictly prohibited.
The following information is for educational purposes only. As it is impossible to include all situations, circumstances and exceptions in a commentary such as this, a further review should be done. Every effort has been made to ensure the accuracy of the information contained in this commentary. However, because of the nature of the subject, no person or firm involved in the distribution or preparation of this commentary accepts liability for its contents or use.

 

 
   
 
 
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