Boiler Room Scams

This is a discussion on Boiler Room Scams within the Educational Resources forums, part of the Commercial category; Originally Posted by brian_johnson BoilerRoomBuster BJ Nice link BJ. READ THE SITE EVERYONE IF YOU'RE THINKING OF INVESTING IN SHARES ...

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Old Jan 16, 2012, 12:32pm   #2896
Joined Dec 2003
Re: Boiler Room Scams

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Originally Posted by brian_johnson View Post
Nice link BJ.

READ THE SITE EVERYONE IF YOU'RE THINKING OF INVESTING IN SHARES VIA A COLD CALLING BROKER.

You will soon see the error of your ways and realise you're being setup by lying conmen to have ALL YOUR MONEY STOLEN.

Please ask questions here if you're unsure of anything. Also keep the links and information coming. Together we can do far more than the ever useless FSA.
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Old Jan 16, 2012, 9:49pm   #2897
 
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Re: Boiler Room Scams

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Originally Posted by Knownic View Post
I to have bought some of the Encryption Tech shares and having trouble making sense of what is going on.
I have kept in contact with Bob Prichard who seems to be the companies main contact. He is saying they have delayed listing because of euro issues but hope to list this month. Do I believe him? Not sure.
Any how I am also just writing an email to Alex Bennet who was the Eden Brown contact for these shares asking for more infomatiom. I'll post if I get a reply
I also have a few shares in another company called GiantCode also bought via Eden Brown/ Alex Bennett.
These did get listed and I did trade a few last year but then the company was forced to de-list because of some regulation issues with Bafin and the Frankfurt exchange. They say they are relisting in a month or so when these issues have been sorted.
Also you may know that Eden Brown are a regulated company with a tie to a Germany Bafin regulated company. I have been in touch with them also so they do exist in some form or other!
That doesn't mean that the Encryption Tech situation is OK I fear but let's not lose hope yet.
Incidentally I wasn't cold called by Eden Brown.
I suggest that we keep in touch here and anyone else who has these Encryption shares should be chasing Andrew Young or Alex Bennett at Eden Brown.
I've been told that the listing is "imminent" but I fear nothing will come of it. I feel really angry that it looks like they will get away with my money and I'm angry with myself for falling for the con.
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Old Jan 17, 2012, 5:52am   #2898
mpa
 
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re: fisher capital south korea. OMG.

A good friend of mine has invested in a company called Amazon Gold Ventures Limited through these guys. His wife is recovering from cancer and he desperate to fund her recovery. You guessed it, he put every last cent with them. Today is the day he is suposed to hear how his payout (of some 300% in about six months) will be made. You may not believe this but he is a very clever man.(I can hear you laughing, I would too if it wasn't so sad.) Watch this space I'll let you know what happens.
Cheers.MPA.
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Old Jan 17, 2012, 9:13am   #2899
Joined Dec 2003
Re: Boiler Room Scams

MPA. Very sorry to hear that about your friend.

You must let him know exactly what has happened and how his money has bascially been stolen. Make him think back to the name of the company that called him and then the name of the bank account he sent the money to. Chances are they'll be different names and NO legit financial company operates that way.

Many in this situation refuse to believe they've been scammed, the scammers of course love this because they can try to milk them for even more. Involve the Police if neccessary, chances are they won;t be able to get any of the cash back but they can talk to him, let him know what has happened. Good luck.
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Old Jan 17, 2012, 9:15am   #2900
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Re: Boiler Room Scams

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Originally Posted by ivebeenriptoff View Post
I've been told that the listing is "imminent" but I fear nothing will come of it. I feel really angry that it looks like they will get away with my money and I'm angry with myself for falling for the con.
We have all made mistakes, the trick is to learn from them. Hopefully you only lost X, whereas later in life some other scammers might try to get you for XXXXX, but that now won't happen because you've learnt.
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Old Jan 17, 2012, 10:56am   #2901
 
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Re: Boiler Room Scams

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Originally Posted by anley View Post
We have all made mistakes, the trick is to learn from them. Hopefully you only lost X, whereas later in life some other scammers might try to get you for XXXXX, but that now won't happen because you've learnt.
You are right of course Anley, but its no consolation
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Old Jan 17, 2012, 10:56am   #2902
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Re: Boiler Room Scams

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Originally Posted by anley View Post
MPA. Very sorry to hear that about your friend.

You must let him know exactly what has happened and how his money has bascially been stolen. Make him think back to the name of the company that called him and then the name of the bank account he sent the money to. Chances are they'll be different names and NO legit financial company operates that way.

Many in this situation refuse to believe they've been scammed, the scammers of course love this because they can try to milk them for even more. Involve the Police if neccessary, chances are they won;t be able to get any of the cash back but they can talk to him, let him know what has happened. Good luck.
Thanks Anley. I spoke with my friend about an hour ago and he has actually had a call from 'Fisher Capital' and his 'broker' said everything is going according to plan HOWEVER they have a few kinks to work out so can't pay the money just yet. Should be about another week. For what it's worth the company is supposed to list on the Frankfurt index under AVN. (Amazon Gold Ventures Limited.) Cheers. MPA.
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Old Jan 17, 2012, 11:00am   #2903
 
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Re: Boiler Room Scams

You should warn your friend that the next phonecall might ask him for money in order to complete the transaction.

Under no circumstances should he pay. This is just a ruse to get more money out of him.

Unfortunately, academic cleverness does not mean you're financially savvy.
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Old Jan 17, 2012, 11:26am   #2904
Joined Feb 2011
Re: Boiler Room Scams

Sorry to hear...this is a sad story which exposes the human suffering that these criminals cause.
One fellow victim of the Dai ichi securities scam lost all of his pension capital this way!
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Old Jan 17, 2012, 11:54am   #2905
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Re: Boiler Room Scams

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Originally Posted by Hoggums View Post
You should warn your friend that the next phonecall might ask him for money in order to complete the transaction.

Under no circumstances should he pay. This is just a ruse to get more money out of him.

Unfortunately, academic cleverness does not mean you're financially savvy.
Exactly. See, you can read what's going to happen like a book. The excuses havejust started as predicted. Everything is fine they say, just a small delay but as Hogg says they're going to try to tap him for more cash, dangle the carrot in front of his nose, the big money is so near he'll almost be able to smell it.

They might be a way out for him, depends on when he sent the money. Get him to call the bank straight away (head office) and talk with someone senior in the fraud dept. Banks have an obligation to their clients. Some people have used this strategy in the past and got a result, but timing is of the essence, ie today, not tomorrow. Good luck.
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Old Jan 17, 2012, 12:25pm   #2906
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Re: Boiler Room Scams

Also tell him they're going to (sort of) blackmail him over the potential profit, ie if he doesn't pay anymore money (for lawyers fees or some crap) then he won't actually get any shares (or a reduced amount) and hence won't make the big payday.

Like I said, you can read these scum like a book.

Tell him that, tell him what's going to happen BEFORE it happens, hopefully that will make him fully understand he's been scammed, and talking to a bunch of professional thieves and conmen.
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Old Jan 17, 2012, 11:04pm   #2907
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Re: Boiler Room Scams

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Originally Posted by anley View Post
Also tell him they're going to (sort of) blackmail him over the potential profit, ie if he doesn't pay anymore money (for lawyers fees or some crap) then he won't actually get any shares (or a reduced amount) and hence won't make the big payday.

Like I said, you can read these scum like a book.

Tell him that, tell him what's going to happen BEFORE it happens, hopefully that will make him fully understand he's been scammed, and talking to a bunch of professional thieves and conmen.
Anley you need to write a book of short horror stories. You guys are right, university smarts are no challenge for street smarts. My friend, lets call him James, went to uni with me in the UK. He got top marks every year. He and his wife have been good friends with my wife and I since then. About 30 years.Even though we live on different continents.So he's at that time of his life where he was looking at retirement. We're not talking about dropping 10 or 20K, we're looking at roughly 400K. Fisher have played him exactly as you've outlined. He has invested more and more for OVER A YEAR in various great deals. He has never actually recieved any money back, on any of these great investments. JUST RE-INVESTED. Yeah, we did go to a real university. Cheers. mpa.
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Old Jan 18, 2012, 8:18am   #2908
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Re: Boiler Room Scams

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Originally Posted by mpa View Post
Anley you need to write a book of short horror stories. You guys are right, university smarts are no challenge for street smarts. My friend, lets call him James, went to uni with me in the UK. He got top marks every year. He and his wife have been good friends with my wife and I since then. About 30 years.Even though we live on different continents.So he's at that time of his life where he was looking at retirement. We're not talking about dropping 10 or 20K, we're looking at roughly 400K. Fisher have played him exactly as you've outlined. He has invested more and more for OVER A YEAR in various great deals. He has never actually recieved any money back, on any of these great investments. JUST RE-INVESTED. Yeah, we did go to a real university. Cheers. mpa.
Let this be a lesson to EVERYONE.

Give the Boiler Room scum half a chance and they WILL TAKE YOU FOR EVERYTHING YOU HAVE. And in some cases that has meant the mark has re-mortgaged his property to keep 'investing' with them.

Once again I'm sorry about your friend but he MUST STOP NOW!
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Old Jan 18, 2012, 9:34am   #2909
 
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Re: Boiler Room Scams

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Originally Posted by kathleenleon View Post
It would be interesting if anyone else here has been in touch with HSBC with regards boilerroom bank a/c. I will use this to pressurise them to tighten up their procedeurs. If we could achieve this then we would have some hope of saving peoples money. We also need them to freeze any a/c where proof of fraudelent dealings are taking place.All they need to do is run a company check. Most of these a/cs are set up n ficticious company names and the addresses are virtual offices.
Hi,

This has happened to me recently with the same boiler room (god, they are convincing) and I can't get my money back obviously.
I have contacted HSBC by e-mail (and also got them over the phone) but could never talk to a compliance officer. They basically don't care and can't disclose further details (bound by confidentiality)

Don't know what to do next.
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Old Jan 18, 2012, 9:46am   #2910
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Re: Boiler Room Scams

Fix

Don't take no for an answer, keep trying, that's the key to getting a result with a bank. Write to the CEO, write to the Finance Director, talk to someone in the fraud dept etc. Head office is what you need, not some crappy call centre.

Also, spend some time on this thread (it's a long one). Sometime in 2011 there were a few posts about how to use your bank to return the money. Find those posts and try to do it today, time is very important here. Good luck.
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