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FBI investigating LOC fraud allegations linked to Vesttoo collateral

August 1, 2023


As the audit and investigation into the discovery of fraudulent or forged letters of credit (LOCs) linked to collateralized reinsurance transactions facilitated by Vesttoo moves towards its third week, we now understand the FBI has begun its own investigation into the matter.

A criminal investigation was always likely, given the far-reaching implications of what appears to be a sophisticated fraud involving letters of credit (LOCs) from a major international bank.

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