Comments on: Millenium Bank CD Rates and Bank Review

By: Poiq

Poiq — Mon, 13 Apr 2009 23:47:14 +0000

I invested in Millenium Bank and cashed out 2 of my 3 cds at the promised rates which were as high as 8.25% when they matured without any problems. However as SEC becomes involved with Millenium Bank I am unable to reach anyone, and now they are in receivership. I’m impressed that the SEC is so concerned about my money and because of that interest I cant get access to it.

By: Pilm

Pilm — Wed, 08 Apr 2009 21:39:07 +0000

Millenium bank was, as most people suspected, a scam, which the SEC is now looking into. The bank is in receivership.

By: Rob of NYC

Rob of NYC — Sat, 21 Mar 2009 15:10:05 +0000

Some recent info on Millenium
Go to the bottom; their are 4-5 articles from Business week, reuters and others all about Millenium – none of them favorable.
#

By Blogger Rick, at 6:43 PM, February 21, 2009
#

Questions raised over Millennium Bank
Staff Reporter 27.FEB.09

The International Financial Services Authority (IFSA) will soon issue a statement about the offshore bank, Millennium Bank.

On the heels of the allegations of fraud made against the Stanford Financial Group, online media organizations Reuters and Businessweek.com ran stories questioning the operations of the St. Vincent and the Grenadines based Millennium Bank.

On the Millennium Bank website it is stated that the bank is “wholly-owned by United Trust of Switzerland S.A. a Swiss-registered trust company founded in 1931.”

However, according to an article by Adrienne Cater in a Business Week blog on February 17, regulators in Switzerland are said to have never heard of United Trust. A spokesperson for the Swiss banking authority is quoted as saying: “United Trust of Switzerland is not a registered/licensed bank in Switzerland and has no other license of the Swiss Financial Supervisory Authority.”

In light of this information, Reuters claim that they attempted to contact officials from Millennium Bank. However, the article dated Tuesday, February 17, says: “Millennium did not return calls requesting comment.” (http://www.reuters.com/article/newsOne/idUSTRE51H08J20090218)

Newsweek also could not get comments from Millennium Bank.

SEARCHLIGHT also made numerous attempts this week to contact Sheryl Hinds, of Millennium Bank, but to no avail.

bendweekly.com/print/5094.html

edumacation.com/MillenniumBankReuters20090217

edumacation.com/MilleniumBankBusinessWeek20090217

edumacation.com/MillenniumBankConsumerReports200903

businessweek.com/investing/wall_street_news_blog/archives/2009/02/is_millennium_b.html

By: MarketWatch

MarketWatch — Mon, 16 Mar 2009 06:34:22 +0000

Sylvia,

That sounds like a scary situation. Who changed the guardianship of her account?

If I were you I would gather as much information as you can regarding the US broker (ie his/her office location, brokerage license #, etc)…if you don’t already have this info…

By: Sylvia annonymous

Sylvia annonymous — Mon, 16 Mar 2009 06:21:01 +0000

I have a friend who has her life savings invested with this
United Trust of Switzerland/Millenium Bank and is having great trouble getting answers to her desire to withdraw her money as she was notified that the acting guardianship of her account was changing. The so called United States broker replies that he has his money with them and also his mothers money so she should not worry?!!!!! Her money was in or is in a c.d. IRA drawing 6% return. Any ideas?

By: BloggingBanks

BloggingBanks — Wed, 18 Feb 2009 12:51:38 +0000

I hate to be the one to burst the bubble, but I have a feeling this non-fdic insured CD provider is another scam. The only way that you could achieve 6% income from fixed income right now is to buy corporate bonds or get an FDIc insured rewards checking account

By: Rob

Rob — Wed, 18 Feb 2009 07:39:23 +0000

After this latest fiasco in Texas with their Caribbean connection I think it very unwise to consider this fantasy

By: investor-ama

investor-ama — Wed, 18 Feb 2009 01:55:41 +0000

I’ve seen this bank pumped through google adsense for a long time now and I have not heard of one person investing with them out of all the bank websites i check on a regular basis. Either this says their certificate of deposit customers don’t exist or don’t know how to use a computer.

By: JUSTIN CASE

JUSTIN CASE — Wed, 18 Feb 2009 00:31:45 +0000

THIS MAY BE OUT OF CONTEXT, BUT YOU APPEAR TO HAVE A FAIRLY OPEN FORUM HERE. DOES ANYONE HAVE SOME INSITE ON US IBONDS THE RATE IS SHOWN AT 5.64%. I REALLY DONT KNOW IF THATS A TRUE APY, OR JUST SOME TYPE OF TEASE.