Fund Alerts

Alerts about this scam were sent to Fund Members in 2009 and 2010. We have not heard much about it since then, until now.

ALTA is alerting its members to delete a phishing email that appears to come from CEO Michelle Korsmo with the subject line "Case S.I 691/2017: Your Firm's Attention is Required" asking for prompt attention.

Additional Warning About the Ongoing Email Hacking Scam

Email hackers are changing wiring instructions in order to steal the seller's proceeds.

Over the past several years, we have published several alerts and spoken at Assembly and other seminars about the Fake Check Scam. It is time to publish a reminder.

The effective date is moved to October 3rd!

We have been advised that on Friday, February 27, 2015, Doral Bank, San Juan, Puerto Rico, was closed by the Commissioner of Financial Institutions of Puerto Rico, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Banco Popular de Puerto Rico, Hato Rey, Puerto Rico, to acquire the banking operations, including all the deposits, of Doral Bank.

We have been made aware of several completed and in-progress transactions where the funds to purchase the property were held by a third party and were in the form of an International Promissory Note (IPN) rather than cash. It is unclear at this time whether IPNs are legal tender. One of the sellers has filed suit to halt the transfer of the property after receiving no funds, but instead, an IPN.