Banking with Balos
International investing
In 2000 George Balos was jailed for 11 years after defrauding investors of approximately $2.2 million. Mr Balos organised an investment scheme using the names British Marine Bank and Commodities International, and many investors entered into 'loan agreements' with him for amounts ranging from $10,000 to $330,000.
He spent all their hard-earned savings - at the casino, on luxury cars, and on a house.
Don't let the same thing happen to you!
A simple safety check on APRA's list of 'Authorised deposit taking institutions' will tell you whether a 'bank' really is authorised to take deposits in Australia. If it isn't authorised then you should think twice before handing over any cash.
This safety check could save you kissing your money goodbye.
More information
British Marine Bank scam ends: 26 years jail for offenders
Investing overseas
Investors promised that their
funds would be protected by an undisclosed Prime World Bank
FIDO Website: Printed 02/10/2010
