Boiler Room Scams

This is a discussion on Boiler Room Scams within the Educational Resources forums, part of the Commercial category; By $250,000 equivalent in volume I mean that the total number of shares traded should have a total value of ...

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Old Aug 30, 2012, 9:58am   #3369
Joined Jun 2010
Re: Boiler Room Scams

By $250,000 equivalent in volume I mean that the total number of shares traded should have a total value of at least $250,000 per day. (If 175,000 shares is the average daily volume for 6 months, then the cost of the stock would be about $1.43. That's ok...there's probably a little liquidity there. But if you had a large block (say 100,000) and put it for sale the bid would drop very quickly..they would sell you out in descending levels.
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Old Aug 30, 2012, 10:01am   #3370
 
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Re: Boiler Room Scams

I did check on Indian and Singaporean regulator websites and Alliance Direct do not appear anywhere. Their name is similar to Alliance Global Management who apparently were a "boiler room" operation. The share volumes are nearly non-existent for long periods. I actually work in trading industry so have access to good quality market data. This was one of the things that made me suspicious. Basically - no license no trade will be my line should they call me back.
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Old Aug 30, 2012, 10:12am   #3371
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Re: Boiler Room Scams

Quote:
Originally Posted by DTTT View Post
I did check on Indian and Singaporean regulator websites and Alliance Direct do not appear anywhere. Their name is similar to Alliance Global Management who apparently were a "boiler room" operation. The share volumes are nearly non-existent for long periods. I actually work in trading industry so have access to good quality market data. This was one of the things that made me suspicious. Basically - no license no trade will be my line should they call me back.
Let them pitch you and go along with them...let them send you a confirmation of trade and then send their banking wire instructions to your regulator and their regulator. You shut down their account you shut them down temporarily. Banking is the key.
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Old Sep 1, 2012, 12:27am   #3372
Joined Feb 2005
Re: Boiler Room Scams

Has anybody been approached by Pacific Capital Management offering to trade American Utilicraft Shares recently.
This American Utilicraft was a part of the scam I got caught in about 6 or 7 years ago. I've had plenty of these characters having a go at getting me to part with money to trade the non-existent Linsure Holdings shares ever since - no chance! .
This is the first time anybody has tried to get me to part with more money on the back of this American Utilicraft, which was another part of the same scam, but it makes me wonder if the jokers who set up the Linsure scam have resurfaced I'm sure they've been busy on other things but do they really think they can still get you on the same scam so many years later?. If so, I hope nobody else gets caught up with them.
These guys are claiming to be selling American Utilicraft Corporation and, guess what, you have to pay to have the Reg S shares deregulated before they can be traded. Thought they'd have gone for something new.
They also refer you to the 'Equities Trading Commission', described as the Government appointed regulator, based in Washington. You've been warned.
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Old Sep 2, 2012, 4:59pm   #3373
 
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Re: Boiler Room Scams

US Regulator for equities is the SEC. Typical that they try something "close to the truth", but a lie all the same. In the equity thing they told me that they'd "inside information" that hadn't yet been made public. I think there's a bloke from Galleon who knows about that topic - ie Insider trading!
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Old Sep 3, 2012, 8:23pm   #3374
Joined Apr 2012
Re: Boiler Room Scams

These Norton Scientific Shares are used by a scammer-ring ! 100%

Last edited by EK1; Sep 11, 2012 at 5:04pm. Reason: Legal reasons
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Old Sep 4, 2012, 12:52am   #3375
 
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Re: Boiler Room Scams

All, I accept the fact that i got scammed, now what can I do about it ? Where can I report it ? who can I go to, where can I make an official complaint and hand over all docs etc so someone can stop these scumbags. I will make effort to try to stop them.
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Old Sep 5, 2012, 1:14pm   #3376
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Re: Boiler Room Scams

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Originally Posted by mollig View Post
All, I accept the fact that i got scammed, now what can I do about it ? Where can I report it ? who can I go to, where can I make an official complaint and hand over all docs etc so someone can stop these scumbags. I will make effort to try to stop them.

Hi Mollig,
Contact me please over my email-box here.
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