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Securities/Investment Fraud (January 2007)

ETCS is not seen as the major driver of rolling stock strategy in CP5. Within CP5, the currently assumed programme of ETCS route fitment is relatively modest, but includes the removal of signals on the south end of the ECML. Fitment of ‘first of class’ of fleets for some subsequent routes will also be required. The benefits of transferring Class 16x (Networker Turbo) units from the Thames Valley (after electrification) to the west of England in place of Class 14x and 15x units is a possibility that might be assessed in the Great Western franchise process. . | NWJC NATIONAL WHITE COLLAR CRIME CENTER CONTACT Research Section 1000 Technology Drive Suite 2130 Fairmont Wv 26554 Ph 877-628-7674 Fax 304-366-9095 Web www.nw3c.org Integrity Securities Investment Fraud January2007 Securities fraud is any manipulation or deception that affects the purchase or sale of a security and usually includes the misrepresentation or omission of material significant information. The definition of a security in general is an investment instrument from which an investor expects to derive financial benefit through the efforts of others. How It Happens Typically a small collection of techniques and investment products are used to defraud investors. Common techniques include Ponzi or pyramid schemes pump and dump schemes Internet fraud and affinity fraud. Investments that are commonly used in fraudulent schemes include payphone or ATM machine investments callable certificates of deposit promissory notes prime bank notes and viatical settlements. In addition these investments are often sold by individuals who are not licensed to sell securities particularly life insurance agents.1 Pyramid Ponzi and Prime Bank Note Schemes A pyramid scheme involves the collection of money from new investors to pay earlier investors. Despite the appearance of a legitimate multi-level marketing program with legitimate products or services to sell along with the promise of high returns on a short-term investment these schemes eventually collapse. At some point it becomes impossible to collect enough money from new investors and many investors lose all of their money.2 A Ponzi scheme is a type of pyramid scheme named after Charles Ponzi who scammed New England residents in the 1920s with the promise of a 40 return in just 90 days. In a Ponzi scheme a legitimate investment product may exist to some extent. However the product is used only to make the scheme appear more legitimate and is never sufficient to support the promised returns. Like all pyramid schemes the Ponzi