Scams - 9-Month Promissory Notes

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A promissory note is a contract, which defines the terms of an agreement between two parties where one (the maker) has an obligation to pay the other (the payee) a sum of money as a repayment of debt or a loan. The terms of a note detail the principal amount, the interest rate if any, and the maturity date as the payee’s rights in the event of a default, which may include foreclosure of the maker's interest. For the tax and record keeping purpose, writing and signing a promissory note is advisable for loans between individuals. A promissory note contains a positive undertaking to pay the amount stated. In the United States, a promissory note is a negotiable instrument governed by Article 3 of the Uniform Commercial Code. It is widely used in combination with mortgages in financing of real estate transactions. Promissory notes are also used in capitalization of corporate finances through issuance and transfer of commercial paper.

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However, state regulators have detected wide scale misuse of promissory notes. This includes unlicensed individuals, such as independent insurance agents; selling securities, they have no knowledge about for high commissions. In a recent scam investors across fourteen states lost about thirty million dollars to insurance agents. The money raised from the sale of fake lender partnerships was used for interest payments to another group of promissory note investors. Both groups were promised double-digit returns. To be on the safe side one must always verify the registration details of an agent from the state's securities regulator before investing in grandiose schemes.

Insurance agents peddling worthless stock and bogus promissory notes have duped many elderly investors. One scam involved persuading investors to purchase living trusts, then converting them into annuities, and finally into bogus promissory notes. Agents have also sold high-risk brokered CDs, real estate deals, and equipment leases to swindle innocent individuals. Many innocent investors get taken in by promises of high returns with low investment and fall for these schemes.

In the state of Nevada, the order in each of the scam cases has been included as evidence in the sentencing hearing. The Nevada Order is significant since any violation of such an order is a Felony in Nevada. The order was dishonored by the renewal of several 9-month notes, which are considered new sales of the notes in the State of Nevada. The Nevada case was important to the universal settlement agreement and a Nevada victim was included as one of the counts McCarn's Allstate Finance pleaded guilty. The company was found guilty of Securities Fraud for the sale of 9-month promissory notes from 1995-2002.

Even now, the company has obtained funds for acquisition of its properties from the sale of common stock and 9-month promissory notes. Federal securities regulators have forced the company to cease the sale of nine-month notes.  So the company hopes to pay off existing debtors by funds generated from a $30 Million Series B Convertible Debentures offering programs. It is to be noted that federal security agencies have cracked down on these Promissory note scams in a big way. So the investor should be wary of investing in unknown companies offering high returns to avoid losing his hard earned money.

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