I'm being offered shares in Biodiesel of America by two people. Cold callers so I'm very suspicious and would like to find out more about the company and the people promoting their shares. Anybody know anything about this company and their proposed float? anybody else being offered shares by Avery Kingston or Tranaman and Schultz?
peto
Established member
- Messages
- 975
- Likes
- 114
Hi Droyston.
You've been on the Boiler Room Scams thread and had your own little experience, according to your first post, so you know the form. Why even consider a cold call or waste more than a moment talking to these scammers?
That said, adding their name to the BRS thread may help some greenhorn with the sense to do a Google before signing up.
You've been on the Boiler Room Scams thread and had your own little experience, according to your first post, so you know the form. Why even consider a cold call or waste more than a moment talking to these scammers?
That said, adding their name to the BRS thread may help some greenhorn with the sense to do a Google before signing up.
Peto,
You're right. I have no intention of parting with any money. The reason I am being more cautious is that it is the second time I've been targetted by Avery Kingston and Tranaman and Schulz about Biodiesel of America. This is unusual when I made it clear to both of them first time round that I thought this was a scam. I was hoping that, if somebody else was receiving the same calls or has already 'invested' through these people, they may know more. I looked on the 'scams' thread and on other sites and can find nothing other than a company called Biodiesel of America on an old list of companies being sold through boiler rooms in 2005. Don't know if it's the same company or companies involved. I thought maybe a new thread would be seen by more people and maybe open some discussion on this particular company rather than make an accusation which I can't be sure of.
You're right. I have no intention of parting with any money. The reason I am being more cautious is that it is the second time I've been targetted by Avery Kingston and Tranaman and Schulz about Biodiesel of America. This is unusual when I made it clear to both of them first time round that I thought this was a scam. I was hoping that, if somebody else was receiving the same calls or has already 'invested' through these people, they may know more. I looked on the 'scams' thread and on other sites and can find nothing other than a company called Biodiesel of America on an old list of companies being sold through boiler rooms in 2005. Don't know if it's the same company or companies involved. I thought maybe a new thread would be seen by more people and maybe open some discussion on this particular company rather than make an accusation which I can't be sure of.
As a result of bring cold-called initially II ended in purchasing Biodiesel of America. I got a gaudy certificate. Then there was more pressure to invest. I put in . Now I am being told of the free Cooking Oil Direct shares that would make further investment advisable. Hearing this advice has coincided with seeing this thread in Trade2Win Boards.
It is possible that this is a good incentive. Traders in Spain, Bankers and escrow overseers in Atlanta, and a business in Florida will together be profitable, but I am alarmed by the tenor of your thread. I remind myself that after 6 weeks I have had no recognition of the purchase.
Fatman
It is possible that this is a good incentive. Traders in Spain, Bankers and escrow overseers in Atlanta, and a business in Florida will together be profitable, but I am alarmed by the tenor of your thread. I remind myself that after 6 weeks I have had no recognition of the purchase.
Fatman
Take the advice given above. High pressure sales and Cold Calling - all the hallmarks of a Bolier Room Scam. Do not give Cold Callers the time of day and especially don't give them your money. Would you give your money to a stranger who walked up to you in the street? Nuff said I think.
Do you have any more details of the Cooking Oil Direct shares outfit. Do they give you an address? Do they give you payment details - they may include these even though they are supposed to be free.
Do you have any more details of the Cooking Oil Direct shares outfit. Do they give you an address? Do they give you payment details - they may include these even though they are supposed to be free.
Sorry to say I have to agree with the other guys that it has all the hallmarks of a scam. I assume you were told that Cooking Oils Direct is a spin-off from Biodiesel of America. The two people calling me had completely different pitches. One said Cooking Oil Direct was the main incentive because it was basically a free share and that Biodiesel of America isn't so interesting. The other quoted amazing expectations for Biodiesel of America share price and the relatively low level bonus of a quick win on Cooking Oil Direct. Somebody has their story muddled. They also let slip that B of A has already postponed their float once and are now on target to float in March 2008. Another indication of potential problems.They usually postpone a couple of times before disappearing altogether and the big win is always three to six months away. Maybe this one is straight. I hope so for your sake but my advice is don't expect too much and don't rely on the Cooking Oil Direct offer to recover any losses so far. I know how tempting it is to convince yourself you can't possibly be a scam victim and to keep investing to recover your losses. Believe me, it doesn't happen!
really ashamed to say this but worked for these guys in barcelona.............really good firm to.......................yep its a scam.......................keep you guys posted as to the other scams i encounter...............dont be greedy................thats what we appeal to.............if it sounds to be good to be true..........use yer head.................will keep you all updated...........watch yerselfs.scammers look here to.......be safe
Invented Bonus Share
Ian Hirst and Jacob Spencer assured me that a Cooking Oil Direct Share would be added to any Biodiesel Share purchased. At Christmas the business Trenaman Schultz took their holiday. It is only through the Escrow Agent Paul Spirrizzi of Atlanta that we have learnt that the company did get accepted on the exchange, though with all the hipe from Ian and Joseph you would expect it to be a profitable concern by now. I hope I have learnt my lesson.
Ian Hirst and Jacob Spencer assured me that a Cooking Oil Direct Share would be added to any Biodiesel Share purchased. At Christmas the business Trenaman Schultz took their holiday. It is only through the Escrow Agent Paul Spirrizzi of Atlanta that we have learnt that the company did get accepted on the exchange, though with all the hipe from Ian and Joseph you would expect it to be a profitable concern by now. I hope I have learnt my lesson.
If you were cold called from Spain to UK then as far as I know that was illegal to start with. I've looked at the statement issued by this company to the regostration authority in the US (cost of registration $210!) and it appears to be a catalogue of warnings about all the technical, financial and organisational problems that are likely to make it fail - rounded off with the warning that investors must be aware that it is a very high-risk speculative venture. You can read this at SEC Info - Biodiesel of America/Inc - SB-2 - On 11/27/07 Your experience so far got all the hallmarks of classic boilerroom puff.
Here's a comment from a Motley Fool board:
The classic example is Spain, which has more boiler rooms working into the UK than any other country on the planet. In Spain, you need authorisation from the regulator, the CNMV, to sell shares, but you do not need authorisation merely to offer advice.
It is a very thin dividing line between advice and a sales pitch.
Of course, if the Spanish-based boiler room completes the call by clinching a sale and then going through with it, that is illegal, even under Spanish law. But often, the cold caller will take the punter right to the brink of clinching the deal but will then say that it will be finalised by one of his colleagues.
That colleague will call a few minutes later from the Spanish firm's "head office" in the Bahamas, or the Cayman Islands or wherever.
You finalise the deal with him.
So, if the nasty regulators ever ask questions, the Spanish cold caller can say he only ever offered advice, which is legal, and never sold a single share, which would be illegal. And the "head office" guy can say he never uttered a word of advice, he performed an execution-only deal which, in his jurisdiction, is also legal.
This is a major loophole and the EU does have plans to close it, but it is a slow moving process
The classic example is Spain, which has more boiler rooms working into the UK than any other country on the planet. In Spain, you need authorisation from the regulator, the CNMV, to sell shares, but you do not need authorisation merely to offer advice.
It is a very thin dividing line between advice and a sales pitch.
Of course, if the Spanish-based boiler room completes the call by clinching a sale and then going through with it, that is illegal, even under Spanish law. But often, the cold caller will take the punter right to the brink of clinching the deal but will then say that it will be finalised by one of his colleagues.
That colleague will call a few minutes later from the Spanish firm's "head office" in the Bahamas, or the Cayman Islands or wherever.
You finalise the deal with him.
So, if the nasty regulators ever ask questions, the Spanish cold caller can say he only ever offered advice, which is legal, and never sold a single share, which would be illegal. And the "head office" guy can say he never uttered a word of advice, he performed an execution-only deal which, in his jurisdiction, is also legal.
This is a major loophole and the EU does have plans to close it, but it is a slow moving process
Interesting follow up
If the writer says he is sending you contract details in an email and hard copy will arrive soon he seems to be responsible for the sale. If in addition he sends you a green bit of paper saying that is a contract it all seems extremely strange.
If the writer says he is sending you contract details in an email and hard copy will arrive soon he seems to be responsible for the sale. If in addition he sends you a green bit of paper saying that is a contract it all seems extremely strange.
Signs of separate individual selling
As you say, it is strange that he should send me a form to telegraph money to Bank of America, Atlanta Georgia, USA EQUITY ESCROW SERVICES which issued the green share purchase certificate, July 16 2007 and not be responsible for the sale. These were both done quoting special bank numbers. The second larger payment went to The Sun Trust Bank Bank East Atlanta.
As you say, it is strange that he should send me a form to telegraph money to Bank of America, Atlanta Georgia, USA EQUITY ESCROW SERVICES which issued the green share purchase certificate, July 16 2007 and not be responsible for the sale. These were both done quoting special bank numbers. The second larger payment went to The Sun Trust Bank Bank East Atlanta.
kenmar 1952
Member
- Messages
- 83
- Likes
- 1
Had offer in November from Trenaman too, also for Biodiesel. Didn't buy as I now have a policy of not buying over the phone. Already lost enough that way. Couple of tips: Check if any shares offered are fully tradeable or restricted. If restricted RUN! These are for high risk investors like institutions who can afford to get burned on 19 stocks and win on 1 stock. Contact the company offered, in this case Bio, and ask them if the share offer is genuine and if the company offering the shares are known to them. I doubt if the company will admit to being involved if they know the dealer is dodgy. Saying that I have my doubts about the integrety of companies whose shares are involved in scams. Also check which market the shares are traded on if the caller says they are on the market. One caller told me a share was fully listed on Nasdaq but when I checked it was actually on Bulletin Board or Pink Sheets. Hence not only was the dealer fibbing, the stock is virtually untradeable, certainly to an overseas client like me.(UK). Also as a matter of interest Trenaman called me today to quote their success with Dragon Oil and try to get me into something new, gold mining IPO I think, but they quoted Dragon at £6+ when in fact they are £4+ and never reached £6. Even if they meant US$ they are still wrong as Dragon is $7+, though this is well up on price they were offered at .
Basically cold callers ****** off!!
Basically cold callers ****** off!!
Last edited:
TWI
Senior member
- Messages
- 2,552
- Likes
- 263
NEW YORK, Jan 9 (Reuters) - New Jersey biodiesel producer
U.S. Bioenergy of America, Inc, filed for bankruptcy protection
this week, the latest bad news for the infant U.S. biodiesel
industry,
The company, based in Edison, New Jersey, filed for the
protection in the U.S. Bankruptcy Court in Trenton, court
records showed.
The company, which has production plants in Colorado,
listed debts of $10 million to $50 million and assets of
between $1 million and $10 million.
Biodiesel producers have suffered in recent months as
prices for soy, the main U.S. feedstock for the alterative
fuel, have soared. Soy prices hit a record of over $13 a bushel
this week on global demand for vegetable oils for food and
fuels.
Still, surging oil prices and government incentives helped
the biodiesel industry to triple to about 250 million gallons
in sales in 2006, the latest year for which statistics are
available.
By comparison, U.S. ethanol industry capacity recently
topped 7.5 billion gallons per year. The U.S. government offers
$1 per gallon in incentives for biodiesel, which can be blended
into motor fuel and heating oil.
Earlier this month, Imperium Renewables, Inc, the largest
biodiesel producer on the U.S. West Coast, withdrew its plan
for an initial public offering, citing unspecified unfavorable
market conditions.
Late last month, Imperium Chairman and CEO Martin Tobias
left the Seattle-based company. No explanation was given for
his departure.
U.S. Bioenergy did not immediately return phone calls about
the filing.
U.S. Bioenergy of America, Inc, filed for bankruptcy protection
this week, the latest bad news for the infant U.S. biodiesel
industry,
The company, based in Edison, New Jersey, filed for the
protection in the U.S. Bankruptcy Court in Trenton, court
records showed.
The company, which has production plants in Colorado,
listed debts of $10 million to $50 million and assets of
between $1 million and $10 million.
Biodiesel producers have suffered in recent months as
prices for soy, the main U.S. feedstock for the alterative
fuel, have soared. Soy prices hit a record of over $13 a bushel
this week on global demand for vegetable oils for food and
fuels.
Still, surging oil prices and government incentives helped
the biodiesel industry to triple to about 250 million gallons
in sales in 2006, the latest year for which statistics are
available.
By comparison, U.S. ethanol industry capacity recently
topped 7.5 billion gallons per year. The U.S. government offers
$1 per gallon in incentives for biodiesel, which can be blended
into motor fuel and heating oil.
Earlier this month, Imperium Renewables, Inc, the largest
biodiesel producer on the U.S. West Coast, withdrew its plan
for an initial public offering, citing unspecified unfavorable
market conditions.
Late last month, Imperium Chairman and CEO Martin Tobias
left the Seattle-based company. No explanation was given for
his departure.
U.S. Bioenergy did not immediately return phone calls about
the filing.
kenmar 1952
Member
- Messages
- 83
- Likes
- 1
Spoke to a guy at Biodiesel of America on Fri 1st Feb, didn't get a name. He said that Trenaman Schultz & a company called Mercia( sounded like) were working for Bio in Europe. Sorry can;t remember the title he gave them but they are approved by Bio. I didn't ask him if their methods were approved of. He was quite open thst Bio shares were being sold at $2, would be on the Bulletin Board & be restricted stock, though he did say they would be easy to trade once they are quoted, not my experience of rule 144 stock,that Cooking Oil Direct shares would be given to Bio shareholders on a one for one basis, but that registration of COD had not started yet. Read the SB-2 and it does point out that this is a high risk stock.
I am going no where near it but I will try to getas much out of Trenaman as I can & see if I can catch them out.
I am going no where near it but I will try to getas much out of Trenaman as I can & see if I can catch them out.
are biodiesel doingwell
Getting posts from David Spencer of Treneman Schulzthat it will be floating at $4.5 (instead of $2) in a few weeks with another share LNMR?as an extra instead of Cooking Oil Direct, What do you think? Juan Fererra of Biodiesel supported him. I am highly suspicious.
Getting posts from David Spencer of Treneman Schulzthat it will be floating at $4.5 (instead of $2) in a few weeks with another share LNMR?as an extra instead of Cooking Oil Direct, What do you think? Juan Fererra of Biodiesel supported him. I am highly suspicious.
kenmar 1952
Member
- Messages
- 83
- Likes
- 1
Biodiesel
To Fatman30 et al
My contact was Graham Nicolas. To be fair to Trenaman Schulz they took my refusal to buy quite gracefully. They asked for my reasons and said they would investigate and get back to me which they did. I did get "a last chance to buy" phone call twice on the same day last week but no "hard sell".
I was told initially by Bio that Cooking Oil Direct shares would be issued on a 1 for 1 basis to holders of Bio shares, once they came to market. This was in a phone call in late Jan or early Feb (I didn't note it down) when I phoned to check if Trenaman was legit, which Bio said they were. He did not mention any time limit on this offer. I am pretty sure it is in the SB-2 filing, (go to BIO OF AMERICA site which is currently being updated but refers you straight to the SB-2 filing), and I don't remember any time limit in the filing but I didn't read it thoroughly. However per Trenaman this offer stopped before Christmas but they have some some shares whose sale wasn't completed so these can be sold with the offer still intact. Convenient huh!
As to the price the SB-2 says the shares are to be sold at $2, does it allow for a price rise?. I got the same story that the price was now $4.50 but is this a grey market price as I cannot find a price quote on Nasdaq or Bulletin Board, but why would I if they aren't listed yet.
:?::?:As to the shares you were offered in LMNR. What is this? I can't find it, and why would this be tied in with Bio? Get more info on this if you can.:?:
This starts to stink but then I was never going to buy in in the first place. When you read the SB-2 and all the warnings and risk factors listed it gets scary and is VERY high risk share. The final clincher is "Are these shares fully tradeable or are they restricted under rule 144?" :?: Personally as a European there is no way I will ever touch restricted stock again, nor should any small time private investor. Maybe if you live in America it is different. I now know they can be derestricted, quite easily once it is out of its restricted period, but I think the fact they can't be traded for a year is good for the firm but bad for the buyer as a lot can happen in a year. For example the SB-2 refers to Government subsidies which run out in that time. Will they be renewed? If not how will that affect the company?
Look forward to more info on LMNR
To Fatman30 et al
My contact was Graham Nicolas. To be fair to Trenaman Schulz they took my refusal to buy quite gracefully. They asked for my reasons and said they would investigate and get back to me which they did. I did get "a last chance to buy" phone call twice on the same day last week but no "hard sell".
I was told initially by Bio that Cooking Oil Direct shares would be issued on a 1 for 1 basis to holders of Bio shares, once they came to market. This was in a phone call in late Jan or early Feb (I didn't note it down) when I phoned to check if Trenaman was legit, which Bio said they were. He did not mention any time limit on this offer. I am pretty sure it is in the SB-2 filing, (go to BIO OF AMERICA site which is currently being updated but refers you straight to the SB-2 filing), and I don't remember any time limit in the filing but I didn't read it thoroughly. However per Trenaman this offer stopped before Christmas but they have some some shares whose sale wasn't completed so these can be sold with the offer still intact. Convenient huh!
As to the price the SB-2 says the shares are to be sold at $2, does it allow for a price rise?. I got the same story that the price was now $4.50 but is this a grey market price as I cannot find a price quote on Nasdaq or Bulletin Board, but why would I if they aren't listed yet.
:?::?:As to the shares you were offered in LMNR. What is this? I can't find it, and why would this be tied in with Bio? Get more info on this if you can.:?:
This starts to stink but then I was never going to buy in in the first place. When you read the SB-2 and all the warnings and risk factors listed it gets scary and is VERY high risk share. The final clincher is "Are these shares fully tradeable or are they restricted under rule 144?" :?: Personally as a European there is no way I will ever touch restricted stock again, nor should any small time private investor. Maybe if you live in America it is different. I now know they can be derestricted, quite easily once it is out of its restricted period, but I think the fact they can't be traded for a year is good for the firm but bad for the buyer as a lot can happen in a year. For example the SB-2 refers to Government subsidies which run out in that time. Will they be renewed? If not how will that affect the company?
Look forward to more info on LMNR
Last edited:
Fatman, Kenmar et al
I was first contacted by Piers Foley of Trenhaman and Schulz at the end of November last year. This was followed by a call from Avery Kingston making the same offer at the same time. Both seem remarkably like boiler rooms. I thought then, as now, that this had the same feel as the Linsure scam, when the company sold via a network of associates in Boiler rooms, never invested any of the money received, repeatedly delayed their float date, claimed to have been hoodwinked into selling via boiler rooms, then disappeared with everyone's money. May be wrong but for me, it looks similar and I don't understand why serious companies need to sell via boiler rooms. I think Kenmar has it right. Don't touch US stocks being sold in Europe via a cold call. There is a 99% chance that cold calls of this kind are from boiler rooms. If your money gets to the 'company', you then need to be sure the company is sound enough to invest your money. That's very difficult when they are 3000 miles away and don't even have to be viable to get a 'quoted price' in the US. Tell your Trenhaman contact you will call him. He'll give you a number for a call centre who will get him to call you back. I doubt if you will ever get through to him or be able to find where he is calling from. That's one of the giveaways.
I was first contacted by Piers Foley of Trenhaman and Schulz at the end of November last year. This was followed by a call from Avery Kingston making the same offer at the same time. Both seem remarkably like boiler rooms. I thought then, as now, that this had the same feel as the Linsure scam, when the company sold via a network of associates in Boiler rooms, never invested any of the money received, repeatedly delayed their float date, claimed to have been hoodwinked into selling via boiler rooms, then disappeared with everyone's money. May be wrong but for me, it looks similar and I don't understand why serious companies need to sell via boiler rooms. I think Kenmar has it right. Don't touch US stocks being sold in Europe via a cold call. There is a 99% chance that cold calls of this kind are from boiler rooms. If your money gets to the 'company', you then need to be sure the company is sound enough to invest your money. That's very difficult when they are 3000 miles away and don't even have to be viable to get a 'quoted price' in the US. Tell your Trenhaman contact you will call him. He'll give you a number for a call centre who will get him to call you back. I doubt if you will ever get through to him or be able to find where he is calling from. That's one of the giveaways.
kenmar 1952
Member
- Messages
- 83
- Likes
- 1
Heh Droyston,
now we know where they got our names from. Yes I got done on Linsure, in my case by Globus in Switzerland. I don't remember seeing your name on Free Portfolio, Share dealing, ISAs, PEPs, SIPPs, CFDs, Spread betting - Interactive Investor
You should go there, it's free, list Linsure and you'll find quite a busy discussion board. Anybody else victims of the same scam? Latest scam attempt today from International Forex Services in Vienna to try to get me to invest in euros futures with high leverage. Andrew Collins was not pleased when I let him talk for 20 mins, then just when he offered to bring in his very senior colleague because the usual brokers were all on a course!!, I told him I wasn't interested. He asked me why I had let him talk so long & I told him simply to waste his time. He then called me a certain part of the female anatomy as he rang off. 10MINS later I got another call from Alison Wright of the same company. I asked her if she knew Andrew and when she said yes I suggested she do what he did, sod off!
Good luck
now we know where they got our names from. Yes I got done on Linsure, in my case by Globus in Switzerland. I don't remember seeing your name on Free Portfolio, Share dealing, ISAs, PEPs, SIPPs, CFDs, Spread betting - Interactive Investor
You should go there, it's free, list Linsure and you'll find quite a busy discussion board. Anybody else victims of the same scam? Latest scam attempt today from International Forex Services in Vienna to try to get me to invest in euros futures with high leverage. Andrew Collins was not pleased when I let him talk for 20 mins, then just when he offered to bring in his very senior colleague because the usual brokers were all on a course!!, I told him I wasn't interested. He asked me why I had let him talk so long & I told him simply to waste his time. He then called me a certain part of the female anatomy as he rang off. 10MINS later I got another call from Alison Wright of the same company. I asked her if she knew Andrew and when she said yes I suggested she do what he did, sod off!
Good luck
Guys
My dad got scammed by Mercier on O2 secure wireless and biodiesel a couple of years ago. He then got called by a John Spencer(?) of Avery Kingston yesterday, saying how they had 'taken over' Mercier (although websites seem suspiciously similar, no registered address so presume still in Barca) to get hold of Biodiesel shares, said how Mercier had treated him so badly, and then proceeded to say a similar story on how biodiesel was now coming to market, approved in 7 days, set to float between $4 and $6 etc, although I notice on SEC website they yesterday filed form for late returns as auditors won't sign off accounts. No sales pitch yet, but odds on he'll receive another call shortly to top-up his investment. Fortunately it's once bitten twice shy.
If by some miracle biodiesel do come to market soon, how does my dad go about selling his shares to at least get some money back? I have heard about restrictions on shares for 2 years, but am not sure if his certificate is even genuine, let alone restricted. If they are genuine but restricted, is it for 2 yesars of ownership, or 2 years from floatation? How can he get them desrestricted in order to sell them, and then how can best is it to sell them - can he just pop to HSBC and do an execution deal, or is it a convoluted process invovling an American broker? I just want to help him get some of his money back if possible - any help much appreciated.
My dad got scammed by Mercier on O2 secure wireless and biodiesel a couple of years ago. He then got called by a John Spencer(?) of Avery Kingston yesterday, saying how they had 'taken over' Mercier (although websites seem suspiciously similar, no registered address so presume still in Barca) to get hold of Biodiesel shares, said how Mercier had treated him so badly, and then proceeded to say a similar story on how biodiesel was now coming to market, approved in 7 days, set to float between $4 and $6 etc, although I notice on SEC website they yesterday filed form for late returns as auditors won't sign off accounts. No sales pitch yet, but odds on he'll receive another call shortly to top-up his investment. Fortunately it's once bitten twice shy.
If by some miracle biodiesel do come to market soon, how does my dad go about selling his shares to at least get some money back? I have heard about restrictions on shares for 2 years, but am not sure if his certificate is even genuine, let alone restricted. If they are genuine but restricted, is it for 2 yesars of ownership, or 2 years from floatation? How can he get them desrestricted in order to sell them, and then how can best is it to sell them - can he just pop to HSBC and do an execution deal, or is it a convoluted process invovling an American broker? I just want to help him get some of his money back if possible - any help much appreciated.