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International Chamber of Commerce (ICC) fraud: truth vs. scam

From The Dictionary of Financial Scam Terms^©

An easy-to-understand guide to financial terms used by swindlers.

ICC (International Chamber of Commerce):

The International Chamber of Commerce is a membership organization comprised of business executives from all over the world.  With branches in Europe, Africa, the Americas and Asia, the ICC works to facilitate a uniform system of international trade policies to the benefit of all countries.  Toward this end, the ICC publishes books and papers outlining uniform trade standards and uniform financial trade document standards.  These publications are short booklets available to anyone through the ICC online bookstore or through other online bookstores. 

ICC publications clearly and simply define the uses and processes for such international trade documents as LETTERS OF CREDIT, BACK-TO-BACK LETTERS OF CREDIT, STAND-BY LETTERS OF CREDIT, AND DEMAND GUARANTEES.

The Scam: Financial fraudsters would have you believe that there are enormous profits available in purchasing and reselling Letters of Credit in their various forms, as well as so-called PRIME BANK GUARANTEES (PBG's).  They will also tell you that the ICC publication dealing with these documents is hundreds of pages long, and written in legalese.  Neither of these statements is true.  Even a quick scan of the booklets show that what they are proposing is completely impossible because the format and uses of these documents are not geared for investment trade other than through FORFAITING, which is more a business than an investment practice.

FVM/wtrf/swift/icc fraud 

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