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Prime Bank Instrument Scams.

Note: This is a criminal action for violation of various federal criminal statutes in connection with money laundering. In the context of an opinion denying a Motion to Suppress evidence obtained from a wiretap, the opinion notes that one of the intercepted communications indicated that the defendant, Thomas Wayne Stokes, and Eugene Alten, Thomas Major, and J. Michael Rice - alleged con-conspirators - "were also involved in an investment fraud scheme involving fraudulent banking instruments. ... In several conversations, they discussed 'prime bank notes,' prime bank guarantees,' standby letters of credit,' and 'roll programs,' investment schemes whose object, [in the estimation of federal agent giving an Affidavit in opposition to the Motion to Suppress] was to 'obtain large advance payments or down payments from the victims as part of these purported securities.'"

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The views expressed in this Case Summary are those of the Institute of International Banking Law and Practice and not necessarily those of ICC or the other partners in DC-PRO.