There are some things money can buy and one of them is a license by MasterCard or Visa. Some questionable banks buy them to gain credibility through these prestigious brands.
Hallmark Bank & Trust, based in the Turks and Caicos, enjoy a happy association with one of the most prestigious brands in the world of finance: MasterCard credit card (MC). Hallmark, like other banks, pay to MasterCard for the right to use his name on the cards, which give their consumers. MasterCard also receives a percentage of sales made with these cards. Hallmark has been several times involved in cases of dubious use of money, however, MasterCard has decided not to sever relations with the bank. MasterCard and Visa's main rival, saying that monitor individual cards to determine which prevent misuse and questionable partnerships with banks.
Most banks that have partnership with Visa and MasterCard have a solid reputation, but these companies also do business cards with executives and institutions that have troubled profiles . Some of these institutions offer their customers credit cards that supposedly anonymous move illicit funds.
The credit card network is careful in dealing with banks outside the U.S. as well as Visa said in a statement: "owners and managers reviewed each bank that is not American and consult with lists of government and commercial data base. " Also, Jodi Golinsky, vice president of MasterCard, said that they review public records and conduct independent investigations of the 23,000 banks approved by the company, but when asked about the 11-year relationship that has MasterCard Hallmark silent.
David Rowe, a lawyer from Fort Lauderdale, represents 22 investors who say they were deceived by Hallmark and investment firm Overseas Locket International because it did not invest the money entrusted to them . Rowe claims that their clients were convinced of the legitimacy of the investment for Hallmark association with MasterCard. One of the five trials Rowe was dismissed by a federal judge in Fort Lauderdale, as it felt it had to move to Turks and Caicos. Hallmark has denied any guilt, his lawyer, Carl W. Oberdier says: "It is tragic what happened investors, but stopped Hallmark damage he could and worked hard to strengthen the case in the Turks and Caicos. "MasterCard has been mentioned in four of the five trials in Florida but declined to comment on the dispute.
Froylan F.
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