A legal document that looks pretty much like a
letter, giving someone the power to act on your behalf. Powers of Attorney
run the gamut from extremely limited (Limited Power of Attorney) to complete
power over your life, care, and finances (Durable Power of Attorney).
Because you are authorizing someone to act on your behalf, you must be very
careful to whom the authority is given, and to what extent.
most common type of Power of Attorney requested by financial fraudsters is a
Limited Power of Attorney or a Special Power of Attorney. The document
specifies that you are giving over the legal right to manage specified funds you
have assigned for investment to either the fraudster himself, a TRUSTEE,
an attorney, an ASSET
MANAGER, or other title that sounds official and
once Power of Attorney has been given over it means that the person to whom it
was given now has the power to access your funds at his discretion. If you
are dealing with a con artist, you can color your money gone.