Staten Island's only community-based commercial bank warns of false promises

STATEN ISLAND, N.Y. – Scammers pushing empty promises of wealth from business opportunities never cease to be creative.

In an effort to protect entrepreneurs from scam artists, Victory State Bank, is embracing an old adage: Look Before You Leap."

The Federal Trade Commission has updated the Business Opportunity Rule, which requires business opportunity sellers to provide specific information on a simple, one-page form to help consumers more effectively evaluate an opportunity.

If you are considering a business opportunity, be sure the seller provides you with the form – which should include these details:

• The seller's identifying information

• Whether there is a claim about your likely earnings; if so, the seller must provide information supporting the claim

• If the seller, its affiliates or key personnel have been involved in certain legal actions; if yes, a list of those actions

• If there is a cancellation or refund policy; if so, the seller must provide a document with the terms

• A list of people who bought the business opportunity within the previous three years

About Victory State Bank:

VSB Bancorp, Inc. (OTC: VSBN) is the one-bank holding company for Victory State Bank. As Staten Island, N.Y.'s only community-based commercial bank, Victory State Bank operates five full-service locations on the Island: The main office in the community of Great Kills, and branches in the communities of West Brighton, St. George, Dongan Hills and Rosebank. For additional information, Victory State Bank may be reached at 718-979-1100 or visited online http://www.victorystatebank.com.

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