Home > News & Events > Special Alerts



Special Alerts


SA-30-2003
 June 16, 2003
TO: CHIEF EXECUTIVE OFFICER (also may be of interest to Security Officer)
SUBJECT: Deceptive Claim of FDIC Insurance Coverage
Summary: An entity is falsely representing to potential customers on its Web site that it is a member of the FDIC. In addition, the entity is neither licensed nor chartered to conduct banking business in its reported home country.

The Federal Deposit Insurance Corporation (FDIC) was recently notified that an entity is unlawfully advertising FDIC membership on its Web site. Trust Meridien Bank (TMB), also known as Meridien Trust Bank, Douglas, Isle of Man, represents on its Internet Web site that it is a member of the FDIC. Specifically, TMB notes within its "terms and conditions" that it is a "member FDIC." Please be advised that the FDIC does not insure this entity nor any products or services offered to potential customers by TMB.

In addition, the Financial Supervision Commission (FSC) of the Isle of Man reports that this entity is apparently operating as a financial institution without appropriate licensing from or registration with the FSC. Additional information about this entity can be viewed at http://www.gov.im/fsc/content/docs/MeridianTB.pdf (24KB File - PDF Help or Hard Copy). Any proposed transactions involving TMB should be viewed with extreme caution.

Any information about this entity 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 Web site 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

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 05/26/2005 communications@fdic.gov