Is this a boiler room???

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Old Feb 12, 2007, 7:15am   #1
 
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Is this a boiler room???

Hi all
I have been receiving a number of pushy phone calls from a crowd based in Dubai
There name is Cambridge Capital Trading
Is there anyone out there who has any info about them or is trading with them?
As I am based is Australia I am concerned they are targeting Australia from Dubai
Would be happy with any info
Thanks
Chris W
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Old Feb 12, 2007, 7:52am   #2
 
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check the "boiler room scams" thread on this site
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Directory of Prop Trading Firms here.

Interesting articles about proprietary trading, including whether you should pay a prop firm for training (don't).
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Old Feb 12, 2007, 8:07am   #3
 
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chrisww started this thread Thanks
Since posting my question I have looked at more postings and my question has been answered but would still like to hear from others re Cambridge Capital
My contact at Cambridge is Shad Moss, sounds American but cann't tell male or female
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Old Feb 14, 2007, 11:33pm   #4
 
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Not sure if it is a scam. I am in Australia and also have been contacted by them but I am wary about trading with them.
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Old Feb 15, 2007, 12:02am   #5
 
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chrisww started this thread
Quote:
Originally Posted by specr
Not sure if it is a scam. I am in Australia and also have been contacted by them but I am wary about trading with them.
Thanks for your reply
They are a boiler room according to other replys
They phoned me last Tuesday, itold them that their office address is mainly residential as someone else already searched and that they are are boiler room and remove me from their database end of story, don't touch them
Regards
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Old Feb 15, 2007, 4:17am   #6
 
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Cambrige Capital

Quote:
Originally Posted by chrisww
Thanks
Since posting my question I have looked at more postings and my question has been answered but would still like to hear from others re Cambridge Capital
My contact at Cambridge is Shad Moss, sounds American but cann't tell male or female
Hi Everyone
I was phoned by Tom Newman from Cambride Capital every day for a few weeks and was convinced they were for real. I agreed to buy a min amount of 6 ADM07 calls at a cost of $7800 AUD. (yes I am a retard) I was then contacted by Steve West to help with the transfer of my funds. After they had my money and I had purchased the calls from a very convincing person, I was then told I would be taken care of by John David, a very successful trader. He phoned me and convinced me that I had to follow his straddle stradegy which meant I needed to buy 3 more calls and 3 puts and of course the he was an all round nice guy that was going to work with me for the next few years to help change my life. I explained that I could not afford to invest anymore however I ended up agreeing to take his advise as he would cover me with his Broker Guarantee for 72 hours and by then I should be able to come up with the money. (this was 1 week ago)

The next day I had trouble logging into their site and I stumbled across this web site, you can imagine how I felt. Since then they have been hounding me for the other $7800 or I will be forced liquidated. I have also been emailed with this warning. Please forgive my inexperience with these matters but I said thats fine sell it all and everything should be fine as I do not have the money they required. John David has told me I cannot do this unless I send the money first. I have also been told that if they liquidate that I will not only loose everything that they can take legal action to recover a few thousand more to cover any outstanding position. He said he doubts they would but it could happen. I suggested he sell my first 6 calls and use that money to pay for the 2nd lot, no apparently this can not be done.

What I don't understand is that when I bought the first 6 calls the Aussie Dollar was at .7750 US and a few days later when I bought 3 more calls and 3 puts it was about .7780 now yesterday it was just over .7820 so how can the call options be worthless if liquidated.


This company sounds so convincing, but after reading everything in this site how can I believe them. I have asked for John David to scan some form of ID and email it to me, he got very offended but said give him a day and he will think of something to prove who he is. The next day I did get an email but it was from a Henry Greenwood in regards to me being forced liquidated if I do not satisfy the margin requirement

My options now are to walk away with a loss of $7800 and see how they go about trying to take further legal action for any outstanding position, my concerns are that they have all of my personal details, .
If Isend the other $7800 to keep up my end of the deal (not my prefered option) then try to close my position, if they are a boiler room then I would loose $15600. The $7800 has been making me feel sick enough.

I know I am obviously clutching at straws but has anyone actually finished a trade with this mob and transfered their money back. or has anyone actually lost their money yet to this company.
Any advise would be greatly appreciated. Just go easy on me, I already fell pretty stupid.

If it helps these are some of the contact details I have so far.

Phone numbers -971 436 96580
971 436 96554
FAX -UK 442 081505 636
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Old Feb 15, 2007, 4:58am   #7
 
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Cambridge

chrisww started this thread
Quote:
Originally Posted by mcoop
Hi Everyone
I was phoned by Tom Newman from Cambride Capital every day for a few weeks and was convinced they were for real. I agreed to buy a min amount of 6 ADM07 calls at a cost of $7800 AUD. (yes I am a retard) I was then contacted by Steve West to help with the transfer of my funds. After they had my money and I had purchased the calls from a very convincing person, I was then told I would be taken care of by John David, a very successful trader. He phoned me and convinced me that I had to follow his straddle stradegy which meant I needed to buy 3 more calls and 3 puts and of course the he was an all round nice guy that was going to work with me for the next few years to help change my life. I explained that I could not afford to invest anymore however I ended up agreeing to take his advise as he would cover me with his Broker Guarantee for 72 hours and by then I should be able to come up with the money. (this was 1 week ago)

The next day I had trouble logging into their site and I stumbled across this web site, you can imagine how I felt. Since then they have been hounding me for the other $7800 or I will be forced liquidated. I have also been emailed with this warning. Please forgive my inexperience with these matters but I said thats fine sell it all and everything should be fine as I do not have the money they required. John David has told me I cannot do this unless I send the money first. I have also been told that if they liquidate that I will not only loose everything that they can take legal action to recover a few thousand more to cover any outstanding position. He said he doubts they would but it could happen. I suggested he sell my first 6 calls and use that money to pay for the 2nd lot, no apparently this can not be done.

What I don't understand is that when I bought the first 6 calls the Aussie Dollar was at .7750 US and a few days later when I bought 3 more calls and 3 puts it was about .7780 now yesterday it was just over .7820 so how can the call options be worthless if liquidated.


This company sounds so convincing, but after reading everything in this site how can I believe them. I have asked for John David to scan some form of ID and email it to me, he got very offended but said give him a day and he will think of something to prove who he is. The next day I did get an email but it was from a Henry Greenwood in regards to me being forced liquidated if I do not satisfy the margin requirement

My options now are to walk away with a loss of $7800 and see how they go about trying to take further legal action for any outstanding position, my concerns are that they have all of my personal details, .
If Isend the other $7800 to keep up my end of the deal (not my prefered option) then try to close my position, if they are a boiler room then I would loose $15600. The $7800 has been making me feel sick enough.

I know I am obviously clutching at straws but has anyone actually finished a trade with this mob and transfered their money back. or has anyone actually lost their money yet to this company.
Any advise would be greatly appreciated. Just go easy on me, I already fell pretty stupid.

If it helps these are some of the contact details I have so far.

Phone numbers -971 436 96580
971 436 96554
FAX -UK 442 081505 636
Hi Mcoop
Thanks you reply
I think you have 'done your cash', personally I think if you send any more money it will go the same way
They do sound pretty convincing but in retrospect why would a legit overseas broker contact us by phone and try and intice us to trade with them, I didn't trade with them but I spent a few hours trying to check them out, would have saved a lot of time if I just hung up the phone after their first call
They are slick and I guess they have caught a lot of people
Regards
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Old Feb 15, 2007, 5:17am   #8
Joined Feb 2004
Quote:
Originally Posted by mcoop
Hi Everyone
I was phoned by Tom Newman from Cambride Capital every day for a few weeks and was convinced they were for real. I agreed to buy a min amount of 6 ADM07 calls at a cost of $7800 AUD. (yes I am a retard) I was then contacted by Steve West to help with the transfer of my funds. After they had my money and I had purchased the calls from a very convincing person, I was then told I would be taken care of by John David, a very successful trader. He phoned me and convinced me that I had to follow his straddle stradegy which meant I needed to buy 3 more calls and 3 puts and of course the he was an all round nice guy that was going to work with me for the next few years to help change my life. I explained that I could not afford to invest anymore however I ended up agreeing to take his advise as he would cover me with his Broker Guarantee for 72 hours and by then I should be able to come up with the money. (this was 1 week ago)

The next day I had trouble logging into their site and I stumbled across this web site, you can imagine how I felt. Since then they have been hounding me for the other $7800 or I will be forced liquidated. I have also been emailed with this warning. Please forgive my inexperience with these matters but I said thats fine sell it all and everything should be fine as I do not have the money they required. John David has told me I cannot do this unless I send the money first. I have also been told that if they liquidate that I will not only loose everything that they can take legal action to recover a few thousand more to cover any outstanding position. He said he doubts they would but it could happen. I suggested he sell my first 6 calls and use that money to pay for the 2nd lot, no apparently this can not be done.

What I don't understand is that when I bought the first 6 calls the Aussie Dollar was at .7750 US and a few days later when I bought 3 more calls and 3 puts it was about .7780 now yesterday it was just over .7820 so how can the call options be worthless if liquidated.


This company sounds so convincing, but after reading everything in this site how can I believe them. I have asked for John David to scan some form of ID and email it to me, he got very offended but said give him a day and he will think of something to prove who he is. The next day I did get an email but it was from a Henry Greenwood in regards to me being forced liquidated if I do not satisfy the margin requirement

My options now are to walk away with a loss of $7800 and see how they go about trying to take further legal action for any outstanding position, my concerns are that they have all of my personal details, .
If Isend the other $7800 to keep up my end of the deal (not my prefered option) then try to close my position, if they are a boiler room then I would loose $15600. The $7800 has been making me feel sick enough.

I know I am obviously clutching at straws but has anyone actually finished a trade with this mob and transfered their money back. or has anyone actually lost their money yet to this company.
Any advise would be greatly appreciated. Just go easy on me, I already fell pretty stupid.

If it helps these are some of the contact details I have so far.

Phone numbers -971 436 96580
971 436 96554
FAX -UK 442 081505 636
Don't send them any more money. They can't enforce any debt.

1) They're not regulated in Australia to offer financial advice or as any sort of broker
2) They have acted illegally in cold calling you in relation to a derivative investment
3) It's a scam anyway. The trades are fictitious.

They cannot take you to court to recover a ficitious debt. They will bluster and threaten, but legally they don't have a leg to stand on as the service they purport to offer is illegal.

I'm afraid that your first transfer will have disappeared though.

Last edited by ns1000; Feb 15, 2007 at 12:33pm.
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Old Feb 15, 2007, 7:18am   #9
 
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Further to above, I got several calls from Carter Sinclair of Cambridge Capital Trading. He tried to convince me of the money to me made etc... Then Bob Dugan, the "compliance officer" called and went thru the website with me. I had already done some investigation and became very wary at putting money into a bank account in Malaysia. Told them I was not interested.

Unless anyone can come back with some proven results and money being returned, I would investing with them a miss.
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Old Feb 15, 2007, 12:28pm   #10
Joined Dec 2003
OH these guys are crooks alright.

DON'T SEND THEM ANYMORE MONEY - As ns100 rightly says they can't and won't enforce it but they'll use all sorts of scare tactics.

This article tells you how to spot these types of scams -

http://www.investorprofit.com/stocks/stocks-40.html

And please everyone do your research before you invest in anything plus don't invest in anything you don't understand - ie options, futures, CFDs and small stocks. And especially don't invest with brokers that call you out of the blue.
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Old Feb 15, 2007, 10:03pm   #11
 
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Joined Feb 2007
Quote:
Originally Posted by ns1000
Don't send them any more money. They can't enforce any debt.

1) They're not regulated in Australia to offer financial advice or as any sort of broker
2) They have acted illegally in cold calling you in relation to a derivative investment
3) It's a scam anyway. The trades are fictitious.

They cannot take you to court to recover a ficitious debt. They will bluster and threaten, but legally they don't have a leg to stand on as the service they purport to offer is illegal.

I'm afraid that your first transfer will have disappeared though.
Thanks for all the replies, I will cut my losses and move on, They did promise they would change my life and I guess they have, just not in the way I was expecting. I have always been a bit of a sucker for a good sales pitch. But this will no doubt toughen me up a bit when the next person tries.
Thanks again
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Old Feb 16, 2007, 6:51am   #12
 
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Joined Feb 2007
Cambridge Capital

chrisww started this thread Following was sent to me from Dubai, published in Dubai newspaper today

Dubai financial regulator unearths Internet fraud
By Lucia Dore (Senior correspondent)

16 February 2007

DUBAI — The Dubai Financial Services Authority (DFSA) obtained injunctions of the Dubai International Financial Centre (DIFC) Court on Wednesday evening to close down fraudulent web sites in which predominantly Australian and Singaporean investors had already invested at least $600,000.
The modus operandi involved setting up web sites for fictitious and non-existent entities claiming to offer financial services within the DIFC — the Dubai Options Exchange, the UAE Commodities Futures Board, and Cambridge Capital Trading.
The fraudsters had created dummy web sites on which they posted detailed fabricated documents, which looked like official ones. "The documents appear to have been copied from genuine exchanges and regulators," said DFSA chief executive, David Knott, while addressing the media yesterday. Investors were also told that the Dubai Options Exchange was regulated by a specialist derivatives regulator, the UAE Commodities Futures Board.
Injunctions were brought against a person named Husam Abu Amara, and Globalstar Telecom & Technology, forcing them to close down the fraudulent web sites. The orders also relate to Internet service providers (ISPs). The DFSA's application to the court stated that the defendants had falsely represented that the Dubai Options Exchange and the UAE Commodity Futures Board existed in the DIFC and that the DFSA Authorised Firms were members of the Dubai Options Exchange, and could trade currency options on behalf of investors.
Prospective investors -all of whom have so far been located in Australia and Singapore but could also be in other countries- were cold-called by representatives of Cambridge Capital Trading. They were given a convincing story about the opportunity to make good returns based on the current weakness of the US dollar against currencies like the Australian dollar. Investors were directed to contact these fake websites and asked to transfer funds into a bank account in Malaysia. It is likely that money from the Malaysian account has been "bled" to an offshore account.
Cambridge Capital Trading also created a fictitious London address and a telephone contact point in Dubai. This turned out to be the office of Globalstar and was serviced by a digital answering machine.
The false websites were established through "GoDaddy", an ISP in Arizona, USA, using a billing address in Singapore. Although the Singapore authorities are chasing down this address, it is expected that it will lead to a cyber café with a prepaid access account. The DFSA also stresses that there is no reason to believe that the ISP was aware of these websites being used for fraudulent purposes.
The DFSA conducted the investigations in association with the Emirates Securities and Commodities Authority (ESCA) and the Dubai Police, and worked closely with other international regulators to bring the scam to an end within six weeks. It is hoped that quick action has limited losses to the public.
One person has been detained in connection with the fraud. His passport has been confiscated and the case referred to Dubai Prosecution.
Speaking about the fraud, Knott said there would be more cold-calling schemes in the Middle East as "Dubai and other regional centres expand their capital markets. Awareness of these risks is a matter for constant education to the public".
He continued: "All investors should know not to respond to unsolicited telephone calls or emails that ask for money or recommend investments without first checking with a trusted and experienced advisor. Whenever there is suspicion of foul play, the public should contact the relevant regulators or law enforcement authorities."

Niall Coburn, Director, Enforcement at the DFSA said: "Fraudsters picked the eyes out of the system. International law has not kept pace with the internet."



--------------------------------------------------------------------------------
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Old Feb 19, 2007, 12:11am   #13
 
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Thanks for that, lets hope they find them all and they all get what the deserve, Thanks to this web site I only lost half of what I would have. I must thank everyone that made comments about these low lifes.
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Old Feb 28, 2007, 5:48am   #14
 
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Joined Feb 2007
chrisww started this thread Printer version

Media and information releases

07-42 Arrests in Malaysia over Cambridge Capital Options scam

Thursday 22 February 2007


ASIC announced today that three people involved in an international investment fraud against Australian investors had been arrested in Malaysia, as part of an international investigation led by the Dubai Financial Services Authority (DFSA), in cooperation with other international regulators. Although the full extent of international investor loss is unknown at this stage, the amount is estimated at USD$600,000.

Australians were among those around the world cold called by representatives of a fictitious London firm called Cambridge Capital Trading to persuade them into investing money in offshore options trading.

The fraudsters had set up fake websites called the Dubai Options Exchange, a fake regulator called the United Arab Emirates Commodity Futures Board and Cambridge Capital Trading that claimed to offer financial services within the Dubai International Financial Centre. To further disguise the scam, electronic answering devices, a phoney facsimile and false billing addresses for the websites were set up in Dubai, the UK and the USA.

‘ASIC greatly appreciates the strong action taken by overseas regulators to combat this sophisticated scam that targeted Australians’, Mr Greg Tanzer, Executive Director, Consumer Protection said.

‘ASIC also thanks those Australians who contacted ASIC and gave us information that helped overseas regulators take action. If anyone has lost money through the activities of Cambridge Capital Trading , I urge them to contact us.’
The arrests follow injunctions obtained by the DFSA on 15 February 2007 to close down the ficticious websites. The DFSA obtained civil court orders against certain individuals and entities for their involvement in this internet investment scheme. The Malaysian Securities Commission had arrested three individuals, freezing funds amounting to USD$ 350,000 in a bank account linked to the fraudsters.


Australians warned

‘Despite these arrests, Australians need to stay on guard against cold calling investment scams’, Mr Tanzer said.

‘Make sure anyone who calls you with an investment offer or advice holds an Australian financial services licence. You can check licences free on our consumer website FIDO at www.fido.gov.au.’

‘Lately, some fraudsters have been pretending to hold licences or to be authorised to represent licensees. If you get a call out of the blue from someone you don't know, the safest thing to do is to hang up and call them back on the number listed in the phone directory. Report any suspicious approaches to ASIC.’

‘Once money is sent offshore, it can be very difficult to trace or recover. If you deal with a genuinely licensed Australian financial services business, you're better protected if something goes wrong’, Mr Tanzer added.

Background

Cold calling is a sales call or offer that is received out of the blue. These scams usually involve overseas organisations claiming to be large brokers or investment managers offering Australian investors shares in offshore companies or investment schemes that trade in foreign markets. The best protection against these scams is to hang up immediately.

Check the register of licensed financial service providers online at ASIC’s website or call the ASIC Infoline on 1300 300 630.

To find out more about cold calling scams and how to avoid them, read ASIC's cold calling tips. FIDO maintains a blacklist of known cold calling organisations, however names used by these fraudsters change constantly.

Complaints regarding investment scams may be lodged via ASIC’s website or by writing to any of our capital city offices across Australia at:

Manager
National Assessment & Action
ASIC
GPO Box 9827
Melbourne VIC 3001
Links to the DFSA website for further information:
http://www.complinet.com/dfsa/displa...ecord_id=15831
http://www.complinet.com/dfsa/displa...ecord_id=15833
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Old Mar 4, 2007, 3:27pm   #15
 
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Absolutely amazing stuff. I'm an American and I've lived in the UAE for almost 8 years. Sure, Dubai has taken off in terms of real estate and population, along with their tax-free areas, but as far as rules and regulations go, it's the Wild West. As anyone who lives in the Middle East can tell you, even if there are laws, the enforcement of them is willy-nilly and influence (wasta in Arabic) rules the day.

Of all the investment opportunities in the world, why would anyone send their money to a country like this? I'm sorry to read that people are getting scammed, but these scammers rely on a certain degree of complicity from their victims.

I never cease to be amazed by people.
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