Professor Byrne is quoted in an article concerning fraud investigation
Professor James E. Byrne was quoted in an article about a current investigation into what may prove to be a complex case of financial fraud.
Unraveling the twists and turns of $100M Transfers spark fraud investigation, The Star-Ledger (Newark, NJ), September 11, 2005. By Greg Saitz.
"The perpetrators of prime bank scams are 'very convincing,' said James Byrne, a George Mason University law professor who has lectured worldwide on prime bank fraud. 'These people could be great actors, great businessmen. When successful, it's quite remarkable.'
The scams first appeared in the early '90s and often entwine legitimate financial institutions to confer credibility. Byrne, author of 'The Myth of Prime Bank Investment Scam,' (Institute of International Banking Law & Practice; 2002), said he's noticed the schemes have grown in size from tens of millions of dollars to hundreds of millions.
'This is a cash cow, and unlike robbing banks with a gun,' he said, 'it's a lot easier to use a pen to rob people and rob banks.'"