Boiler Room Scams

This is a discussion on Boiler Room Scams within the Educational Resources forums, part of the Commercial category; Thought so, thank you. Originally Posted by pboyles Yes it's a scam, they'll take your money and disappear....

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Old Jan 25, 2012, 6:38pm   #2941
 
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Joined Jan 2012
Re: Linsure Holdings

Thought so, thank you.

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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, 12:44pm   #2942
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


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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, 1:10pm   #2943
Joined Oct 2006
Re: Boiler Room Scams

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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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Old Jan 27, 2012, 1:29pm   #2944
Joined Jan 2012
Re: Boiler Room Scams

I have started today a major campaign to complain and gather evidence for SFA and may be a further legal action,if any one like to join me and supply personal evidence for trading account with FXCM which prove that they are intentionally cheating their live account customers, by way of spikes or slippage please contact me on my private email
amacky@btinternet.com




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Originally Posted by pboyles View Post
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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Old Jan 27, 2012, 2:46pm   #2945
Joined Oct 2006
Re: Boiler Room Scams

What I'm trying to tell you is that they have been fined for their slippage practices already. More specifically they were applying asymetrical slippage to accounts, they were passing on all negative slippage but keeping all positive slippage. That is what they were fined for. Therefore all you have to establish is whether they did this to your account or indeed other accounts outside the US. They have not been punished for that or had to repay those customers. If you ask them about this they will refuse to answer.
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Old Jan 27, 2012, 4:40pm   #2946
Joined Dec 2003
Re: Boiler Room Scams

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Originally Posted by pboyles View Post
they were passing on all negative slippage but keeping all positive slippage
Did FXCM get an "Award" for that, perhaps the -

BEST ONLINE FX BROKER FOR RIPPING OFF THEIR CLIENTS WHILE DOING THEIR BEST TO HIDE THE FACT
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Old Jan 27, 2012, 5:05pm   #2947
Joined Jan 2012
Re: Boiler Room Scams

Thank you for the info. my case is based in UK and if you have a reference to the fine that I may look it up, I will be grateful



Quote:
Originally Posted by pboyles View Post
What I'm trying to tell you is that they have been fined for their slippage practices already. More specifically they were applying asymetrical slippage to accounts, they were passing on all negative slippage but keeping all positive slippage. That is what they were fined for. Therefore all you have to establish is whether they did this to your account or indeed other accounts outside the US. They have not been punished for that or had to repay those customers. If you ask them about this they will refuse to answer.
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