My brother recently went into business with an unknown person and they sent him a check for $15,000. He told me that it is not money laundry and is very legit but I am somewhat reluctant to believe him. But at the same time, I don't know what someone has to gain by giving you a check (that has to clear with the funds available) to deposit into your account. My brother takes 10% of what he deposits and transfers the rest to the check sender's account. I mean, the bank won't clear a check that is no good so what would be the point in giving someone a bogus check?
2006-10-31 10:02:57 · 10 answers · asked by ODESSEYFREAK 1 in Business & Finance ➔ Personal Finance
first of all, this sounds really fishy. the longest hold the bank can put on the check under Regulation CC is an 11 day exception hold. Also, 10% is $1500, not $150. That's substantially more money. But if he's transferring the remaining $13,500....yikes. He can try to deposit it...and put a hold on it...if it's from the US, he'll know within a couple weeks if it's good or not. What I don't understand is if this person only wanted him to have $1500 to begin with, why not just send him the $1500? Sounds to me like this new business partner has an audit coming up, and wants the money off the books for a little while. That's the only thing I can think of...
2006-10-31 13:11:27 · answer #1 · answered by centerstage 3 · 0⤊ 1⤋
Trust your instincts. It is a scam. Let's say that he deposits the $15,000. The bank permits the deposit because they don't know yet that the check is no good. Your brother sends 10% ($150.00). The original big check eventually bounces and the bank deducts $15,000. from your brother's account (the bank is entitled to the full $15,000 even if your brother's account has less than that).
The least amount your brother is out is $150.00. If the sender of that $15,000 check finds 10 more suckers that day, he'll make $1500.
Get it?
2006-10-31 10:49:07 · answer #2 · answered by paleblueshoe 4 · 0⤊ 1⤋
This IS a scam, and its a VERY VERY common one-- especially if the person is from out of area-- Nigeria is the most common place this comes from.
Your brother would have to wait a long time-- like 60 days-- to make sure an overseas check clears before he could give htem their money.
Just because he deposits it and the money is still there two weeks later does not mean the bank wont reverse the deposit.
2006-10-31 10:24:15 · answer #3 · answered by Anonymous · 1⤊ 0⤋
I heard where a so called company will send you a check to deposit then ask you to send them a money order for the same amount. Then the check you deposited bounces and you are stuck having to make good with the bank.
2006-10-31 11:15:10 · answer #4 · answered by DeputyD 2 · 1⤊ 0⤋
Thats a scam. If your brother give the person the money before the check clears (and it wont), your brother will be out of 15K. Tell him to wait until it bounce then contact the unknown person for insufficient funds.
2006-10-31 10:13:05 · answer #5 · answered by Neka 2 · 1⤊ 0⤋
It's a SCAM! Your brother will be out $15,000 plus bounced check fees, and overdrawn account fees.
2006-10-31 15:30:25 · answer #6 · answered by Steve R 6 · 1⤊ 0⤋
The check is probably OK, my guess an estate (death) concealment, or tax matter. You should consider this valid and begin to investigate and see if any more checks are available, or send them to me and I'll try a couple of these checks. When it works out, I'll send you 25%. I'm saying, let me try it out for you !
risk free, doctorjlong@yahoo.com
2006-10-31 12:19:43 · answer #7 · answered by The Advocate 4 · 0⤊ 1⤋
Yep, it's either a scam or a money laundering scheme. Either way, your brother's about to be handed his head. Contact the police. They may want to step up a sting and catch these scum.
2006-10-31 11:26:37 · answer #8 · answered by ontopofoldsmokie 6 · 1⤊ 0⤋
This has SCAM written all over it. Your brother is about to be parted from some of his money
2006-10-31 10:14:04 · answer #9 · answered by Peedlepup 7 · 0⤊ 0⤋
That's money laundering. And maybe check kiting. Don't do it. Why not his own account??????
2006-10-31 11:35:43 · answer #10 · answered by gbdelta1954 6 · 1⤊ 0⤋