Daily news, documents and intelligence about Offshore Financial Centers and those who conduct business in them that you will not find anywhere else.
RSS Feed Print
LFCITY-Investment or scam?
Internal Administrator
Posted: Friday, August 12, 2011
Joined: 10/12/2010
Posts: 5779

Posted: 12/10/1999 12:12:48 PM

By: George

I am glad to see this excellent resource back up and running.
Elfindepan in Costa Rica and Greensboro, NC.
They offer debit cards and tie them with investments offering 15% on their site. Have you had any experience with this group.

Any reply will be useful.


Posted: Friday, August 12, 2011

Posted: 1/25/2001 3:56:07 PM

By: cyrille emery

Just a joke
Have you noticed the following :

1) LFCITY makes LF City,phonetically Elf city, the city of the little creatures that are here to torment us human being with tricks but,
2) just inverse the 1st two letters you have FLCITY FELICITY, a state that we hope you will reach by not investing with this company

Posted: Friday, August 12, 2011

Posted: 12/10/1999 3:45:08 PM

By: David Marchant

I took a quick look at their site. I wouldn't touch them with a barge pole.

For one thing, it is not possible to legitimately "guarantee" 15 per cent per annum.

For another, I think we can safely assume that Elfindepan is not licensed to act as a third-party taker of deposits in North Carolina and, therefore, would be operating illegally from that state.

You can't simply set up an IBC offshore, in this case Costa Rica, and operate it from the US and still be in compliance with US law.

If the US authorities got wind of this, Elfindepan would be closed down in the US and where would that leave its clients?

Also, I'm very dubious of the claim that "Shareholder investments are backed by a $1 million Fidelity Bond, issued by The Hartford Insurance Group ("AA"-rated company), to protect against theft, fraud, embezzlement, etc."

Additionally, there are no details of who is running this company, how long it has been operational or in what the company invests so that they can pay clients 15 per cent.

At the end of the day, for them to pay you 15 per cent per year, cover their costs and make it worth their while, they would have to invest your money in something that probably pays them in excess of 30 per cent per year, unless it's a Ponzi scheme.

I would leave them alone.

David Marchant

David Marchant


Jump to different Forum... 

We hunt for red flags in high-value, cross-border finance by monitoring offshore and onshore courts, regulatory actions, offering documents, and other sources - and email you the results.

View Recent Digests

Cayman Court Secrecy: A Huge Red Flag for Foreign Investors & Clients
David Marchant
As any fule kno, the biggest enemy of fraud, corruption, money laundering, and other forms of financial crime is transparency, while their best friend is secrecy. That's why the unprecedented mass sealing of cases that's taking place at the Financial Services Division of the Grand Court of the Cayman Islands is repugnant to anyone with a genuine concern for financial crime.