March 27th, 2009
I first saw this last night (burning the midnight oil for you :O) ) on bankdeals.
Many of our readers and visitors over the years have asked about Millennium Bank and I have always urged great caution. It is alledged that “only” $68 Million is in question. Although that pales in comparison to the Allen Stanford and Bernie Madoff fiascos, real people have been hurt. The question begs, why did it take so long? Certainly, questions have surround this bank for a number of years.
The old adage of “if it is too good to be true…” certainly came into play here. If you are investing in CDs because of their safety and guarantee, then stick with FDIC insured banks and NCUA insured credit unions. If your looking for higher rates of return, then look to the markets. It is just too risky, otherwise.
Bloomberg also has a story on this.
Also, please don’t confuse this Millennium Bank with any of the FDIC insured ones that reside here in the states. The following are FDIC insured banks:
- Millennium BCP Bank, NA (35280)-Newark, NJ
- Millennium Bank, NA (35096)-Reston, VA
- Millennium Bank (57175)-Edwards, CO
- New Millennium Bank (35151)-New Brunswick, NJ
-- By +Chris Duncan