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Special Alerts

SA-52-2004
August 13, 2004


TO: CHIEF EXECUTIVE OFFICER (also may be of interest to Security Officer)
SUBJECT: Deceptive Claims of FDIC Insurance Coverage
Summary: Bank of NG, N.A., is falsely representing to potential customers on its Web site that it is a member of the FDIC.

The Office of the Comptroller of the Currency (OCC) has advised the Federal Deposit Insurance Corporation (FDIC) that an entity named Bank of NG, N.A., may be conducting banking business illegally or without authorization. Web sites identified to date that are connected with this entity include: [link no longer available]. Other Web sites may be in use by this entity.

The entity provides no address and the Web site is registered in Madrid, Spain. The entity claims to be a national bank and includes the phrase “Member FDIC.” Please be advised that neither the OCC nor any state banking authority has authorized the Bank of NG, N.A., to operate as a bank and the FDIC does not insure this entity or any products or services it may offer.

Any information about this entity may be forwarded to the FDIC's Special Activities Section, 550 17th Street, N.W., Room F-4040, Washington, D.C. 20429, or forwarded electronically to alert@fdic.gov.

For your reference, FDIC Special Alerts may be accessed from the FDIC's Web site at www.fdic.gov/news/news/SpecialAlert/2004/index.html. To learn how to automatically receive FDIC Special Alerts, Financial Institution Letters and other announcements through e-mail, please visit http://www.fdic.gov/about/subscriptions/index.html.

Michael J. Zamorski
Director
Division of Supervision and Consumer Protection

Distribution: FDIC-Supervised Banks (Commercial and Savings)

NOTE: Paper copies of FDIC Special Alerts may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or (703) 562-2200).




Last Updated 8/26/2004 communications@fdic.gov