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Special Alerts


SA-61-2003
 October 6, 2003
TO: CHIEF EXECUTIVE OFFICER (also may be of interest to Security Officer)
SUBJECT: Entities That May Be Conducting Banking Operations in Canada or the United States Without Authorization
Summary: Six entities - First National Trust, Quick Easy Insure, Pinnacle Trust Securities, Nassau Finances, New Westminster Bank, and Renfrew Security Bank & Trust - may be illegally operating as financial institutions.

The Office of the Superintendent of Financial Institutions (OSFI) of Canada has published the attached issue of its "Warning Notice" (Issue No. 48), which contains the names of six entities recently brought to OSFI's attention. These entities are First National Trust, St. Laurent, Quebec; Quick Easy Insure (no address); Pinnacle Trust Securities, Etobicoke, Ontario; Nassau Finances, Nassau, Bahamas; New Westminster Bank, Vancouver, British Columbia; and Renfrew Security Bank & Trust, Nicosa, Turkish Republic of Northern Cyprus. Each "Warning Notice," beginning with Issue No. 1, and OSFI's latest cumulative "Warning List" may be found at http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=166.

These entities, or persons representing them, are reportedly operating in Canada. They may be violating provisions of the Bank Act (Canada) or other Canadian financial institution regulations. They may also be conducting unauthorized banking transactions in the United States. Any proposed transactions involving these entities should be viewed with extreme caution.

Any information about these entities may be forwarded to the FDIC's Special Activities Section, 550 17th Street, NW, Room F-4040, Washington, DC 20429, or forwarded electronically to alert@fdic.gov.

For your reference, FDIC Special Alerts may be accessed from the FDIC's website at www.fdic.gov/news/news/SpecialAlert/2003/index.html. To learn how to automatically receive FDIC Special Alerts, Financial Institution Letters and other announcements through e-mail, please visit www.fdic.gov/news/news/announcements/index.html.


Michael J. Zamorski
Director

Attachment (May be accessed from http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?ArticleID=166.)

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, option 5, or (703) 562-2200).

Last Updated 10/06/2003 communications@fdic.gov