Boiler rooms and scammers.

This is a discussion on Boiler rooms and scammers. within the First Steps forums, part of the Reception category; I must confess to being completely mystified by the ability of the scammed to be scammed. What is it, that ...

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Old Nov 26, 2007, 11:34am   #1
Joined Nov 2001
Boiler rooms and scammers.

I must confess to being completely mystified by the ability of the scammed to be scammed. What is it, that makes them use these unknown names as a means to buy unknown shares?? Aren't good, old-fashioned brokers with well-known reputations, good enough for them?

All you guys who look at "First Steps" for the first time, are the ones I am talking to, because those posting on the Boiler Room forum have been caught, already. They have learned their lesson. At least, I hope thay have.

It seems to me that a lot of us older traders and posters should give, continuous, warning about cold callers, boiler rooms, scams, whatever they are called, because a lot of new people are taken in every day.

If anyone calls you with a good proposition, either by phone or e-mail, hang up on them.
Don't, even, engage them in the most innocuous conversation. Their only weapon is their tongue and they are trying to get your interest., anyway they can.

Good trading

Split
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Old Nov 26, 2007, 12:20pm   #2
 
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It's a version of the Nigerian scam email, which also self-selects those whose greed is greater than their intelligence, but lower down the IQ scale. A Darwinian process in a sense. I've never quite worked out how anyone has ever been taken in by either Nigerian scammers or boiler rooms.

As someone once said -it's not so much that a fool and his money are easily parted, it's more the miracle that they ever got together in the first place...
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Old Nov 26, 2007, 12:51pm   #3
Joined Dec 2003
Quote:
Originally Posted by Splitlink View Post
It seems to me that a lot of us older traders and posters should give, continuous, warning about cold callers, boiler rooms, scams, whatever they are called, because a lot of new people are taken in every day.
Split
That is why I've written so many posts on the Boiler Room thread.

Also, one of the reasons why these scammers can scam people is because they're actually very very good at what they do. Some of their salesmen are excellent and they can back up whatever they say with research etc.

The scammers have also been in business many years so they've been abl to fine tune and test their MO.
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Old Nov 26, 2007, 2:06pm   #4
Joined Nov 2001
Splitlink started this thread I am one of those who treat phone salesmen with an automatic hang up. I can't understand how people can talk to strangers on the phone, but I agree with you, they are very good at what they do.

Anyway, if this short thread has served any useful purpose, I will be very pleased because I have been reading about Royal Petroleum and I feel very sorry for those who invested in it. That is what decided me to post here.

Regards Split
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Old Jul 6, 2011, 7:45pm   #5
 
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Re: Boiler rooms and scammers.

Hi
I am new to the forum. I came across it while checking a company Infinity International Group. Their website is (http://www.infinityintlgroup.com/). They are selling shares in a IPO for a company called Tri eye Design (http://trieyedesign.com/)

To me it appears as a scam. They offering a 5 times return on investment (current share price is $ 1 and they promise that a hedge fund has offered $5 per share)

I have tried to email Trieye Design but all the email are returned. In the past I made a small investment with Infinity and they made a 20% return for me.

Until I came across this site, I never heard of a boiler room. From what I have read, I think Infinity is one.
I would like more experienced member to advise me and to also warn others whom Infinity may have contacted.
btw, they called me, I never made any initial contact with them
I hope this is posted in the right forum, if not mods, please move it.
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Old Jul 6, 2011, 7:47pm   #6
Joined Jul 2003
Re: Boiler rooms and scammers.

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Old Jul 6, 2011, 9:15pm   #7
Joined Nov 2001
Re: Boiler rooms and scammers.

Splitlink started this thread
Quote:
Originally Posted by Toyq View Post
Hi
I am new to the forum. I came across it while checking a company Infinity International Group. Their website is (http://www.infinityintlgroup.com/). They are selling shares in a IPO for a company called Tri eye Design (http://trieyedesign.com/)

To me it appears as a scam. They offering a 5 times return on investment (current share price is $ 1 and they promise that a hedge fund has offered $5 per share)

I have tried to email Trieye Design but all the email are returned. In the past I made a small investment with Infinity and they made a 20% return for me.

Until I came across this site, I never heard of a boiler room. From what I have read, I think Infinity is one.
I would like more experienced member to advise me and to also warn others whom Infinity may have contacted.
btw, they called me, I never made any initial contact with them
I hope this is posted in the right forum, if not mods, please move it.
They promise? That makes you feel secure, does it?

Hang up. They won't waste their time ringing back.

If you think that Infinity is a scam do not go back to them because scammers often let you make money at first.
I do not know Infinity but Anley, almost certainly, will be able to tell you.

Go to the Boilerroom thread. Anley runs that. It's full of the smell of burnt fingers.
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Old Jul 6, 2011, 9:17pm   #8
Joined Oct 2006
Re: Boiler rooms and scammers.

It's a scam for sure. Why would someone sell shares to you for $1 when a hedge fund wants to pay $5? Or to look at it another way why would a hedge fund pay $5 when they could buy them for $1?

In any case if they cold called you it's a scam, no further investigation needed.


Quote:
Originally Posted by Toyq View Post
Hi
I am new to the forum. I came across it while checking a company Infinity International Group. Their website is (http://www.infinityintlgroup.com/). They are selling shares in a IPO for a company called Tri eye Design (http://trieyedesign.com/)

To me it appears as a scam. They offering a 5 times return on investment (current share price is $ 1 and they promise that a hedge fund has offered $5 per share)

I have tried to email Trieye Design but all the email are returned. In the past I made a small investment with Infinity and they made a 20% return for me.

Until I came across this site, I never heard of a boiler room. From what I have read, I think Infinity is one.
I would like more experienced member to advise me and to also warn others whom Infinity may have contacted.
btw, they called me, I never made any initial contact with them
I hope this is posted in the right forum, if not mods, please move it.
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Old Jul 6, 2011, 9:20pm   #9
Joined Oct 2006
Re: Boiler rooms and scammers.

Quote:
Originally Posted by Splitlink View Post
I am one of those who treat phone salesmen with an automatic hang up. I can't understand how people can talk to strangers on the phone, but I agree with you, they are very good at what they do.

Anyway, if this short thread has served any useful purpose, I will be very pleased because I have been reading about Royal Petroleum and I feel very sorry for those who invested in it. That is what decided me to post here.

Regards Split
The Royal Petroleum scam was indeed pretty bad, I recall two people each recently widowed who had lost 6 figures. The problem was that one of them wouldn't accept it and kept paying them more money to change into different scam shares.
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Old Jul 6, 2011, 9:23pm   #10
Joined Oct 2006
Re: Boiler rooms and scammers.

Quote:
Originally Posted by Jack o'Clubs View Post

As someone once said -it's not so much that a fool and his money are easily parted, it's more the miracle that they ever got together in the first place...
That's what I can't figure out. I've regularly heard of people losing 100k plus to someone selling shares in a company that has invented the cure to baldness or aids. How do you gather up 100k whilst being that naive?
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