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Millennium Bank, Banking Ponzi Scheme

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Millennium Bank was a Caribbean-based bank operated a Ponzi scheme that involving high-yield CDs offered on to consumers on the Internet. Millennium used a number of other entities in its scheme, including a parent company in Switzerland called the United Trust of Switzerland. The company claimed that the United Trust was a Swiss bank, but this turned out to be untrue. The Securities and Exchange Commission (SEC) shut down Millennium Bank in 2009, stating that the Ponzi scheme had raised nearly $70 million since 2004.

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