Office of the Comptroller of the Currency, Ensuring a safe and sound national banking system for all Americans Site Map | Text Size: S M L

News and Issuances

BankNet

BankNet
More resources for national banks

HelpWithMyBank.gov

HelpWithMyBank.gov

Get answers to banking questions

Job Seekers

Job Seekers
Join one of the best places to work
Alert 2007-20
Subject: Fraudulent Bank Guarantees
Date: March 29, 2007
Description: Fraudulent Bank Guarantees Purportedly Drawn on the Central Bank of Ecuador

Fraudulent Bank Guarantees Purportedly Drawn on the Central Bank of Ecuador

To: 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:

E-mail: occalertresponses@occ.treas.gov
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
Internet: http://www.occ.gov

/signed/

Richard C. Stearns
Director for Enforcement & Compliance