Is this a boiler room???

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Old Feb 12, 2007, 8:15am   #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, 8:52am   #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, 9:07am   #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 15, 2007, 12:33am   #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, 1:02am   #5
 
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Cambridge

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, 5:17am   #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, 5:58am   #7
 
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Joined Feb 2007
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, 6:17am   #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 1:33pm.
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