Alert 2007-20| March 29, 2007
Fraudulent Bank Guarantees: Fraudulent Bank Guarantees Purportedly Drawn on the Central Bank of Ecuador
Chief Executive Officers of All National Banks; All State Banking Authorities; Chairman, Board of Governors of the Federal Reserve System; Chairman, Federal Deposit Insurance Corporation; Conference of State Bank Supervisors; Deputy Comptrollers (districts); Assistant Deputy Comptrollers; District Counsel and Examining Personnel
The Office of the Comptroller of the Currency (OCC) has been informed by the Embassy of Ecuador to the United States of America that a series of fraudulent bank guarantees are circulating in the international financial markets. These guarantees carry the name of the Central Bank of Ecuador and claim to support private foundations.
Article 84, sections (c), (d), (f) and (g) of Ecuador's Organic law on the Monetary Regime and the National Bank prohibits the Central Bank of Ecuador from guaranteeing any class of bond to third parties.
The documents in circulation do not follow the format used by the Central Bank of Ecuador. They are issued in different increments and carry unauthorized signatures of officials who lack the authority to legally represent the institution.
Any information or questions that you may have concerning this matter should be brought to the attention of the Banco Central Del Ecuador:
Mail: Banco Central Del Ecuador
Av. Amazonas N34-451 y Av. Atahualpa
Phone: (593) 2 2246100
Additional information concerning this matter that you believe should be brought to the attention of the OCC may be forwarded to:
Mail: Office of the Comptroller of the Currency
Special Supervision Division, MS 6-4
250 E Street, SW, Washington, DC 20219
Fax: (202) 874-5214
For additional information regarding other types of financial fraud, please visit the OCC's anti-fraud resources page.
Richard C. Stearns
Director for Enforcement & Compliance