Boiler Room Scams

This is a discussion on Boiler Room Scams within the Educational Resources forums, part of the Commercial category; By the way spotting a short term serviced office is easy. Just type the company's address into Google and if ...

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Old Jan 24, 2012, 8:53am   #2941
Joined Dec 2003
Re: Boiler Room Scams

By the way spotting a short term serviced office is easy. Just type the company's address into Google and if you get many different companies located at that address then it's a short term office.

And don't forget Google is far more than the first page of search results. Often to get the really juicy information you have to go up to 10 pages deep. some people can scan Google's results in minutes, others aren't so quick, but this ISN'T A RACE so if you need time then take your time.
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Old Jan 24, 2012, 9:20am   #2942
Joined Dec 2003
Re: Boiler Room Scams

Here's a good example of knowing and understanding WHO you're doing business with.

I got a call from Barclaycard yesterday trying to sell me insurance for my credit card. Now, this is a bank we're talking about and even if you've just been half awake over the last 10-15 years you'll have seen countless mis-selling scandals by the banks especially when it comes to selling insurance products.

What is clear to anyone is WHEN A BANK TRIES TO SELL YOU SOMETHING the deal is going to favour their profits over your wellbeing. Now, that's not to say that all bank products are a rippoff, some of them are actually very good but they NEVER TRY TO SELL THOSE PRODUCTS via cold calling you or asking you at the till. The cold call sales and the counter sales patter is ALWAYS about trying to stuff you up with either a very expensive product or one you don't actually need, although they'll tell you that you do.

Of course my answer to the nice fella that called (he was actually nice) was NO. When he asked why Itold him that banks can be trusted not to steal my money but they can't be trusted not to try and stuff me up with products that are designed to juice their profits at my expense. The salesmen laughed, he knew who he was working for, he knew what his bank was like, but no offence to him, I'd do the same if I was working there otherwise I would't be in that job too long.

KNOW YOUR ENEMY FOLKS - KNOW HOW THEY OPERATE AND THINK - it can save you a lot of money.

Summary: if a bank ever tries to push a product YOU ARE BEING SETUP. But if you find a product in a bank that they DON'T try and push hard there's a good chance that product is sound.
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Old Jan 25, 2012, 5:33pm   #2943
 
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Joined Jan 2012
Re: Linsure Holdings

Hi

So is this Private Trading Acquisitions company part of the scam, only they have been in contact with me concerning Europes secret, when I received the paperwork about selling I noticed the bit where it states the seller PAYS!! THOUGHT IT LOOKED SUSPECT


Quote:
Originally Posted by kenmar 1952 View Post
Wanted to start new forum but couldn't work out how to do it. Just that it is hard to keep track in this one. Here goes anyway.

Anyone had an offer for your worthles bits of Linsure paper? Contacted by North Star Reasearch Group, Brussels (northstar-research.com) domain registered by Timothy Cuthbert in New York, 12 April 1998 to 2012, which makes them look legit. However they are working as agents for
Private Trading Acquisitions
Citizens Bank Center Level 15
919 North Market Street
Wilmington, Delaware
U.S.A.
Phone: +1 302 380 4038
Fax: +1 302 261 7805
Email: info@private-trades.com

domain registered Nassau 22 Nov 2011 to 2012 yet there is no web site & I can not find them on Google. According to Northstar, PTA are a well established & respected acquisitions firm.
The offer is $2.35 per share which would show me a tidy profit. However I would be liable for derestriction fees which were 20c per share (real fee is $50 -$100 the lot) which I would have to pay in advance but is fully refundable once the deal goes through, payable only after 90 to 120 days.

By the way I do know this is a scam, an advance fee scam is the normal term, but I cannot find anybody else out there who has reported it?

I am reporting this before I follow up on the scam, before I send back non-disclosure document, & before I report to the authorities. Unfortunately by the time the authorities get through the paper work the scammers will be long gone.

The offer closes on 16th Jan, or so I was told.

Anybody anything to add?
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Old Jan 25, 2012, 5:36pm   #2944
Joined Oct 2006
Re: Linsure Holdings

Quote:
Originally Posted by sheila302 View Post
Hi

So is this Private Trading Acquisitions company part of the scam, only they have been in contact with me concerning Europes secret, when I received the paperwork about selling I noticed the bit where it states the seller PAYS!! THOUGHT IT LOOKED SUSPECT
Yes it's a scam, they'll take your money and disappear.
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Old Jan 25, 2012, 5:38pm   #2945
 
2 Posts
Joined Jan 2012
Re: Linsure Holdings

Thought so, thank you.

Quote:
Originally Posted by pboyles View Post
Yes it's a scam, they'll take your money and disappear.
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Old Jan 27, 2012, 11:44am   #2946
Joined Jan 2012
Re: Boiler Room Scams

Please include FXCM, be aware of their spikes and false stop order executions, I have started a major complaint with authorities in UK, and in the process of gathering evidence, if you have any bad experience with fxcm , do let me know please


Quote:
Originally Posted by Airthrey Capital View Post
I think it would be useful to set up a thread listing all the Boiler Room Scams that are currently in operation.

What is a boiler room?

Basically, a room full of salesmen (con men really), who are unregulated, and will cold call you to try and tempt you to part with your money and invest in some "amazing" company which will make you a millionaire. The stocks are usually unlisted and therefore difficult to sell once you have bought them. In reality they are likely to be worthless.

They tend to target people who already own shares, and will get your phone number / contact details from lists that they have bought, including shareholder lists.

More often than not, they are based overseas.

Whatever, you should NEVER deal with them, and NEVER deal with anyone who cold calls you from a company who you have never dealt with before.

I hope that this thread will be used for people to list the names of the offending companies, in order to warn others.

To start with, here is a list of those already mentioned on other threads....

Portland Ventures

Elliott Price

Edward Tate

Capital Asset Commodities

Jefferson Holt Consulting

Please feel free to add any more.....
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Old Jan 27, 2012, 12:10pm   #2947
Joined Oct 2006
Re: Boiler Room Scams

Quote:
Originally Posted by amacky View Post
Please include FXCM, be aware of their spikes and false stop order executions, I have started a major complaint with authorities in UK, and in the process of gathering evidence, if you have any bad experience with fxcm , do let me know please
The big issue that FXCM don't want you highlighting is that they were fined $20 million in the US for ripping off US clients. They were not fined by, nor did they have to compensate customers from, other countries. So unless they only ripped off people from the US (highly unlikely) then they are still liable to legal action in other countries. Of course in some countris like the UK there is no interest in investigating them, unless of course someone starts complaining.
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