Concern About Fraud In Crude Oil Selling? 2 Percent operation Bond Surest Proof of Genuine wholesaler

Looking For Concern About Fraud In Crude Oil Selling? 2 Percent operation Bond Surest Proof of Genuine wholesaler

Concerned About Fraud In Crude Oil Selling? Why, for Buyers, getting the 2 Percent operation Bond by the jobber is the Simplest & Surest Proof of a Genuine Seller

Credible explore has shown that, while virtually every supposed crude oil jobber who goes to a possible crude buyer to solicit business, would almost all the time profusely forswear heaven and earth that he, or the crude oil he professes to be selling, is "absolutely trustworthy, reliable, genuine, authentic, and honest," virtually every Objective, Credible Evidence available, on the other hand, gives a completely opposite and contrary Reality - namely, that the amazing majority of these supposed sellers and their offers (in deed, up to the level of 99.999999%, agreeing to one report) are totally fake, bogus, fraudulent or not legitimate.

Masterfully Forged & False Documents Are At The Heart Of The Crude/Buying Selling Scam Operations

The original instrumentality by which these fraudulent con artists and crude "sellers" operate or perpetrate their con game, is the use of skillfully forged or false documents. Such fraudulent and fake "sellers" - or, at least, the extreme masterminds who generate and stand behind the scheme - are notorious for being master forgers and perfect copiers of every conceivable legitimate refinery and government agency documents linked to crude sales or purchases. In deed, agreeing to experts, so masterful at this game are these fraudsters, that the documents they provide to prospective buyers are often so strikingly convincing and real-looking that they are often plain difficult, if not impossible, for almost all but the most skilled of document authentication experts to immediately distinguish from the real and authentic ones.

As one article by the Fraud Watch International summed it up, "Victims [of such fraud] are often convinced of the authenticity of progress Fee Fraud schemes by the forged or false documents bearing apparently lawful Nigerian government letterhead, seals, as well as false letters of credit, payment schedules and bank drafts."

The U.S. State Department's Bureau of International Narcotics and Law promulgation Affairs, in a article titled "Nigeria advanced Fee Fraud," describes the documents employed by the Nigerian advanced Fee Fraud (Aff) or 419 perpetrators, as "official-looking writing materials with thorough government seals, stamps, and signatures," whose quality, it says, has "evolved over the years, from poorly handwritten letters to more professional products prepared on word processors. Word processors also allow Aff criminals to generate more letters." It adds that the "Aff criminals include university-educated professionals who are the best in the world for nonviolent spectacular crimes."

The Main Problem: Inability By Buyers To Verify Sellers' Claims & Documents

The point is that, largely in consequence of the above reality, for serious international buyers of Nigerian crude oil, the particular most primary and most difficult and risky problem they confront in the open market, is now often the verification and confirmation of the seller's claims about having an authentic crude budget and/or its current availability, and the confirmation of the proofs and documents submitted by them in preserve of those claims. For most buyers, undertaking that task is often dreaded and viewed as something fraught with heavy risks and uncertainties that should only be threaded with the utmost caution, and the many care and deliberation.

Buyers' "Preferred" Proof & Evidence Of Credible jobber Today - a 2% Pb

Because verification and confirmation of such documents from sellers are generally so difficult and dicey, most such international crude oil buyers seek, therefore, to buy Only from sellers who can provide them what they reconsider the safest, most tangible, and most of course dependable kind of proof and evidence of credibility by a seller. And what is this "preferred" proof and evidence that most buyers would rather have? It is naturally this - the provision by a jobber of a 2% operation Bond (Pb) to the buyer.

The Usual Verification & Confirmation Approaches

In a word, the usual proofs and evidence of crude budget and availability offered by sellers to prospective buyers, is often the provision to the Buyer of the cargo's Proof Of goods or Pop. In a C.I.F. Or F.O.B deal, for example, the typical manner by which a supposed crude oil jobber shows "proof" or evidence to a possible buyer that the jobber has a genuine crude budget or crude ready to sell, is for the jobber to provide the buyer the Proof Of Product, and the buyer is asked to "verify and confirm" the authenticity of this on his own, and, upon that, for the buyers to issue their Bank warrant or Letter of prestige (or other payment instrument) to cover the purchase cost of the goods at delivery.

But the problem with this original method, is that for most international crude buyers, the midpoint Nigerian seller's Pop (an array of documents that could include the current loaded vessel documents, current Authority to Board (Atb) that was specifically issued to the introductory buyer (consignee) of the crude in whose name the vessel was issued, Certificate of quality, Certificate of origin, Cargo manifest, Vessel ullage report, Certificate of quantity, Bill of lading, the Bulk budget Details, the Seller's Authority to Sell (Ats) from the Nnpc, etc), is Not dependable or facilely verifiable for genuineness. For example, the Pop, which is, in a word, the seller's main document that's meant to prove to the buyer that the jobber of course has the goods being sold, might be showing that an owner of the oil budget or commodity has proprietary of the goods as of the definite time of the transaction, say, at a clear hour of the day today. But yet, there is no warrant that the goods might not have been sold to other buyer just hours, or even minutes, right after that transaction, and that the commodity is of course still ready for sale or delivery to the buyer.

"Most buyers do not accept Nigerian sellers' proof of goods (Pop)," says Sam Nelson, an master in crude buying and selling methods and the author of a primer on the subject. "As a effect of this, they (the Buyers) want a tangible (Physical) proof of product. The buyer would ask that the jobber inspect the cargo and present a verifiable inspection article from accredited agencies like Sgs, Q & Q or Robinson International before they (the Buyers) will lease a vessel for the transaction. This is because some so-called Nigerian sellers have false claim over products that never existed and they would forge documents to present as Pop. Nigerian shop has to be followed very determined and all documentations completely verified."

Nelson adds: "Please do not give any inspection money to the seller. all the time pay the money directly to the inspection company after they have collected samples of the crude oil from the mum vessel for chemical pathology to confirm the capability and quantity of the crude in the vessel. Also, insist that the Atb (Authority To Board) from the vessel for inspection originated from the captain of that vessel. Do not accept any documents as authentic if you did not verify it from the captain of the feeder vessel. Any documentation from a Nigeria jobber must be verified for authenticity."

Most Documents Or Proofs By Nigerian Sellers Are Viewed With Suspicion

In deed, nowadays, the same problem of general inability to definitively authenticate genuine crude budget or availability, now pervades even situations where "tangible, physical" Pop inspection has supposedly been made. And some buyers find that even this cautionary guidance by Nelson, that the buyers should "insist that the Atb (Authority To Board) from the vessel for inspection originated from the captain of that vessel," would often not quite work any more in many situations today.

In a Tto deal, for example, the fact of the buyers' representatives boarding the vessel to make an "inspection" or "confirmation" of the "loaded" vessel, is often no more a warrant that the transaction is necessarily genuine or legitimate. Nigerian con men and 419ers who operate in the crude oil industry, have been known to work with fraudulent vessel managers and captains or con men disguised as staff of the Shell/Jv final operators. And Vessels confirmed as "pregnant" (i.e., loaded) even by the buyer's representatives and his appointed Sgs inspectors invited to come aboard the ship on a presumed ship "captain's" Atb document, have been known to be of course arranged by fake ship operators and ship managers and "captains"; and in such cases the buyer will only be taking over a ship and cargo with Fake lease Party business transaction executed in the middle of the buyer and fake ship manager, with no Authentic ship owner's approval and no authentic shipping documents. And once the buyer's representatives aboard the vessel confirms that the vessel is "pregnant," the buyer pays for the cargo, takes over the vessel, and the con men swiftly split the money and vanish. The buyer losses all things since the legitimate vessel owner never authorized the captain to issue the Cpa, and the primary cargo shipping documents used in the transaction are all merely fake.

Nigeria's bureaucratic quagmire

And there's yet other problem complicated in trying to authenticate Nigerian crude oil documents. The problem of the bureaucratic quagmire linked with doing company in Nigeria. One master vastly experienced in doing crude oil buying company in Nigeria, put it this way to this writer: "Nnpc Crude Oil Marketing Department, Abuja, is the authoritative source to verify the Authority to Sell document. But you will spend an endless number of time trying to verify it. As with most Nigerian establishments, citizen use personal connections to get such documents, but that does not mean that they can deliver."

What Buyers Now View As The Best And Most "Preferred" Proof Of An Authentic Crude jobber - A jobber Who Can provide Buyer A 2% operation Bond

In short, the point is that virtually all original manners of verification and confirmation of crude oil proprietary and availability have come to be seriously infected and adulterated by con artists and fake operators to the point that many international crude oil buyers regard those methods as largely unreliable, too difficult to verify, and fraught with intolerable risks. And consequently, there has evolved among them what could today be called a "preferred" formula for determining an authentic and credible jobber of crude oil in today's market. Such a jobber is naturally one who can meet one basic requirement - namely, is willing and able to provide the buyer a 2% operation Bond upfront in a transaction.

What is a operation Bond or Pb?

This is, in a word, an assurance document issued for the jobber by seller's bank or assurance company guaranteeing that the issuer will pay a stipulated number (a sum amounting, in this case, to 2% of the total value of the cargo being purchased) to the buyer in the event that the jobber breaches (fails to perform) the terms and specifics of the compact signed by the jobber with the buyer. (The operation Bond could also be posted in the form of a Cash Bond). The bank or assurance company which issues the Pb acts as the responsible "surety" of the bond

If a jobber contracts with a buyer to put up a 2% Pb - and is able to of course post that bond with his bank or assurance company - the jobber is, in a word, guaranteeing the buyer that if he were to fail to accomplish his obligations under that contract, his bank or assurance company, in their roles as the "surety" of the bond, will pay the buyer a sum amounting to 2% of the value of the crude being purchased, regardless.

Why Buyers Love The operation Bond Guarantee

Buyers love finding sellers who can provide them Upfront 2% operation Bond, overwhelmingly viewing that as the "preferred" selection as they reconsider that the safest, most reliable, most tangible, and most assured and least fraud-prone kind of proof and evidence of credibility by a seller. Most experts maintain that if a jobber can offer a 2% Pb deal - and, what is even more important, is of course able to post the Pb because he has the financial wherewithal to do so - it is almost assured that the jobber will not fail the buyer in the actual operation of the deal, but will almost of course accomplish those obligations as contracted with the buyer.

Sam Nelson, master in crude buying and selling methods and the author of a primer on the subject, put it this way: "A compact with any of these bonds in place will be successfully completed. A bonded compact has a higher degree of success than a non-bonded contract. A bonded compact is a bankable contract. The players have their money at stake and that is a good suspect for them to perform."

And the Legal Dictionary explains it this way: "The purpose of a bond is to provide an incentive for the fulfillment of an obligation. It also provides reassurance that the promulgation will be fulfilled and that recompense is ready if it is not fulfilled. operation Bonds warrant for the satisfactory completion of a project."

There are a few definite bases why buyers and experts feel that way:

1. Being able to post a Pb is a sign of financial credibility and ability.

To be able to finance an actual posting of a 2% Pb (which will mean, for example, at the current crude prices, 2% of, say, 0 million for a 2 million barrels cargo, something amounting to million), a jobber would have to have some big financial capability and resources.

2. Financial Cost and Penalty complicated In Posting a Pb, is a superior Disincentive Not to Perform.

Sam Nelson: "The players have their money at stake and that is a good suspect for them to perform." In deed, most buyers, upon getting the 2% Pb issuance from a seller, would right away accept that as equivalent to Pop and forgo having to spin the Pop.

3. The general Con Man or 419er Will Not Have the Disposition, the prestige & Financial Wherewithal to Post a Pb.

Robert Strickland of Strickland Associates, an experienced New York dealer in crude oil deals, says as follows: "If you are involved with Fraud! Only true Sellers that offer a 2%+ operation Bond are genuine Sellers of Nigeria [crude oil]."

Sam Nelson, the crude oil deals master and author: "These bonds are primary to safe the interest of the parties complicated for unnecessary losses due to fraud or unblemished negligence."

4. Being able to post a Pb is a solid indication to a buyer that the jobber has already been vetted.

Obtaining a Pb is generally not an easy or self-operating thing. Before a bank or assurance company would give a jobber a bond, the jobber shall have gone straight through a rigorous application process, and must have met a set of stringent financial and character requirements and conditions. Hence, when a buyer gets a jobber who can, and does actually, post a 2% Pb, the buyer is almost assured that he's got a credible seller, and one most unlikely to be a fraudster or a 419er.

For just an example, one Syracuse, New York, assurance company requires applicants for a public construction job Pb to provide them the following items, among others:

Surety Questionnaire Filled Out Completely
Copy of Contract/Award Letter or Solicitation Letter
Business Financial Statements (2 years audited fiscal year financials) Or
Last 3 years company income Tax Returns
Personal Financial Statements and Resumes on all owners of 10% or more
Work in progress agenda (if applicable)
Insurance Confirmation
A. Workman's Compensation
B. Liability Certificate
C. Key Man Policy
Supplier and undertaker of a package deal Reference Letters
Schedule of Completed Jobs
Bank Reference Letter
Company and Personal Indemnification (Gai we supply)
Articles of Incorporation
Corporate Resolution
Job Cost Breakdown and/or bid specs

In Sum

To most buyers of crude oil in the international open market, getting an Upfront 2% operation Bond issuance from a seller, is the overwhelmingly "preferred" formula for doing a sales/purchase deal. It is the selection they reconsider to be the safest, most reliable, most tangible, and most assured and least fraud-prone kind of proof and evidence of credibility by a seller.

For various reasons and factors, many of which are outlined above, most buyers and experts believe that if a jobber can offer a 2% Pb deal - and, what is even more important, is of course able to post the Pb because he has the financial wherewithal to do so - it is almost assured that the jobber will not fail the buyer in the actual operation of the deal, but will almost of course accomplish his own obligations as contracted with the buyer. Hence, in a deal of that kind the buyer has tiny or nothing to worry about with regard to a possible risk of fraud or scam. In consequence, buyers love finding sellers who can provide them - who can of course post - a 2% Pb, and reconsider that to be the best evidence and assurance of having a credible seller, and one most unlikely to not accomplish the contract, or to be a fraudster or a 419er

Note: As with many things with regard to many a Nigerian crude seller, it's one thing for a jobber to claim to a buyer that he'll post the Pb, but quite other thing altogether for the jobber to be able to of course do it, or to of course do it!),.

For A effect Up

You Want To effect Up On How You Can Assure Getting A Nigerian Crude Oil jobber With A True, Upfront 2% operation Bond? Or jobber With Other Kinds Of Sales Deals That Are Genuine, "Safe" And Scam-Free?

Instruction: You can do so. You can facilely obtain the definite basic requirements you'd need to meet in order for you to come to be automatically determined "proven" as a truly Legitimate jobber who of course of course has some crude to sell. Use The Author'S Five Basic Options Program.

Just send an email and naturally ask for "the Five Options." contact The Author On This Only By Email, Please, at: anosikemo@yahoo.com Or anosike2@aol.com

More On This And linked Topics On The Author'S Blog At: http://www.affordablebankruptcy.blogspot.com/