Boiler Room Scams

ummm - very bad news. i know all about them. I can give you some more details tomorrow. basically a certain boiler room fraud. they are not a reg. company in the country they claim to be nor do they have an aust. financial services licence. (i assume u are in aust.). They also don't appear in the country's phone book. Beware as they have 'mirroed' another real firm, so ignore other similar sounding names, unless its exactly, right down to every address and phone no. and exact web page (not half similar)- or you are dealing with the theives who have stolen their identity, which im sure they have done anyway. tell me your email and i will give you a lot of information tomorrow.
sltmn
 
another important thing -- i have mcafee virus protection - when u look for brettcommodities.com -- it details a warning. i suspect - and have good info abt this - that they are sending a virus to your computer. it may well be a key logger - which logs each key stroke u take. so it will 'see' www.mybank.com' and your user id and password. *** change the password on your bank accounts pretty quickly or you may see money leaving it !!!! ***. cheers.
slatman --- email - [email protected] (leave yr email add there and i will answer more tomorrow)
 
I deposited money into Grandway & Trade State accounts via HSBC & Bank of China.
They are not banks but registerd companies in Hong Kong but do not have any websites etc.
The law there requires a person (director) attends to sign relevant paperwork and present ID such as passport etc.
If this is the case then they must have information regarding who operates these companies and if my money has gone to them and I ask for it back then they must comply and pay it back if they don't have any relevant documentation to prove otherwise.
Does anyone know?[/QUOTE

Are they registered companies or did they just tell you they were, can you see the difference? What sort of company doing business internationally does not have a website, I mean ask yourself.
 
Are they registered companies or did they just tell you they were, can you see the difference? What sort of company doing business internationally does not have a website, I mean ask yourself.[/QUOTE]

The initial checks I made seemed ok and it was all smothered by the psychological use of fear of loss they constantly used as their main tactic.

The supposed clearing agents are registered in Hong Kong and that's who I paid.
The supposed advisors (Brett Commodities) have a website and ask customers to go to
ftaz.com (futures trading authority of Zurich which is registered to Patrick Scheider of a company called FINDLA) where you check their details and it seems they are legitimate
until they get their money and then go quiet.

My last conversation with Robert Katz of Brett commodities was I needed to pay taxes for the Hong Kong bank to release my funds and I asked him for documentation so my lawyer can ascertain it is all legal before any further monies are paid.He hasn't replied since and all my calls and emails are a waste of time.

Other names used were Larry Hamilton (US accent, said he's from Brooklyn)
Travis Mason (UK) and the grandmaster share market wizard James Baker (UK) who claimed had Rolls Royce as one of his clients.
 
www.ftaz.org is indeed registered to that guy at findla.ch however that website either doesn't exist or has now disappeared.

Have you reported this to the FSA yet, it's important to do so as this is a new tactic and they need to know so they can issue warnings etc
 
Has anyone received a call or email from a company called Financial Research Advisors? The are apparently a Stockholm based company that has recently aquired three other equity research companies, one of them being Equity Research Partners from Zurich!
I would guess this is an extension of an on going scam but would like to here some more experienced peoples views?
 
Has anyone received a call or email from a company called Financial Research Advisors? The are apparently a Stockholm based company that has recently aquired three other equity research companies, one of them being Equity Research Partners from Zurich!
I would guess this is an extension of an on going scam but would like to here some more experienced peoples views?

Equity Research Partners was or is a boiler room scam. Mentioned below back in December, so yes an extension of the scam as you say.

http://www.trade2win.com/boards/brokerages/14154-boiler-room-scams-196.html

PS do you have a url for the company that called you? Cant find them in google.
 
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Website registration details are hidden from view, domain name created 10 March this year. Pretty much standard practice for one of these scams.

I know theres probably an answer somewhere in this thread but there is an awful lot to look through! I know have a couple of share certs that are restricted Reg S, is the only way to get anything back on them to wait the year and hope the have them un restricted? Or are there other mean to get some of the money back? Has anyone managed to get anything back from any of these in the past?

I'm sure you'll guess from my lack of knowledge on this subject but I'm a bit new to all the share stuff, hence being sucked in by a boiler room!!! :eek:
Really annoyed with myself, just give me ten minutes with the fecker that took my money.:mad:

Anyway, any advice would be welcomed.

Thanks in advance.

S
 
I know theres probably an answer somewhere in this thread but there is an awful lot to look through! I know have a couple of share certs that are restricted Reg S, is the only way to get anything back on them to wait the year and hope the have them un restricted? Or are there other mean to get some of the money back? Has anyone managed to get anything back from any of these in the past?

I'm sure you'll guess from my lack of knowledge on this subject but I'm a bit new to all the share stuff, hence being sucked in by a boiler room!!! :eek:
Really annoyed with myself, just give me ten minutes with the fecker that took my money.:mad:

Anyway, any advice would be welcomed.

Thanks in advance.

S

I'm not an expert but I can say that I have never seen anyone post here saying they got anything back from any of these scams. I have however seen lots of people who forked out even more money for tax, warrants, exchanges etc in the hope of getting something back but it always ended in tears.

Which shares did you 'buy'
 
I know theres probably an answer somewhere in this thread but there is an awful lot to look through! I know have a couple of share certs that are restricted Reg S, is the only way to get anything back on them to wait the year and hope the have them un restricted? Or are there other mean to get some of the money back? Has anyone managed to get anything back from any of these in the past?

I'm sure you'll guess from my lack of knowledge on this subject but I'm a bit new to all the share stuff, hence being sucked in by a boiler room!!! :eek:
Really annoyed with myself, just give me ten minutes with the fecker that took my money.:mad:

Anyway, any advice would be welcomed.

Thanks in advance.

S

Well I like your name!You sound like a realist. Welcome to the club.
If you click on my name and read a selection of my posts you should glean a lot of info. On this forum try p 194 post 1545, p 196 post 1564, Also forum "First Step" reply 38, & Forum "Biodiesel of America" post 17. There is also a long one on the previous page.
Basically you are shafted, your chances of getting money back are less than zero. Sorry.

I have derestricted in the past, as far as I can understand it is not automatic at the end of the restriction period, is it 1or 2 years? You can check with the transfer agent, I found them reasonably helpful. Do not pay a fortune for derstriction. I paid $50 for 50000 shares and a new certificate by going direct to the agent, but I have been offered the same service for up to 20c per share by cold callers. Before you even consider this route check the value of the share on the open market, the trading volumes, date of last trade etc., all available on www.pinksheets.com. Also even then find a legitimate trader to deal in the stock. If you get all this in place then I wish you luck. Do come back and tell us how you get on.
If you get any money I would feel confident in saying your are the first. I hope you didn't spend too much money but I think you will just have to right it off. You can put it down as a loss on your tax form! But do not be conned in to throwing good money after bad! If you get a phone call about your shares be assured IT IS A SCAM!

I see you are in the UK. Use a cheap call number to phone overseas. I use Simply Ring 0844 626 0805. I have been on for long periods and saw no change in my phone bill.
 
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Kenmar,

thnk you very much for sharing some advise with us. i have fallen for
Equity Research Partners lately known as Financial Research Advisors.
I bought shares into ECOB.otcbb listed as Resticted onthe certificate and DANR.otcbb listed as Restricted S - so i have both Restriced and Restriced S type of Shares - from my understanding, Restriced S do not fully apply to shares bought or sold outside of the US - a good starting point would as you mention, be to contact the Transftert agent - listed on the she certificate.

if anyone out here has been through it nd do not mind to shre their experience all the better. i am left holding these shres and would bevery glad if there is a way....

i have found some intersting information about Restriced Shares from the following site:
http://www.sec.gov/investor/pubs/rule144.htm
extracts pated here below
"
Rule 144: Selling Restricted and Control Securities
When you acquire restricted securities or hold control securities, you must find an exemption from the SEC's registration requirements to sell them in the marketplace. Rule 144 allows public resale of restricted and control securities if a number of conditions are met. This overview tells you what you need to know about selling your restricted or control securities. It also describes how to have a restrictive legend removed.

What Are Restricted and Control Securities?
Restricted securities are securities acquired in unregistered, private sales from the issuer or from an affiliate of the issuer. Investors typically receive restricted securities through private placement offerings, Regulation D offerings, employee stock benefit plans, as compensation for professional services, or in exchange for providing "seed money" or start-up capital to the company. Rule 144(a)(3) identifies what sales produce restricted securities.

....
What Are the Conditions of Rule 144?
If you want to sell your restricted or control securities to the public, you can follow the applicable conditions set forth in Rule 144. The rule is not the exclusive means for selling restricted or control securities, but provides a "safe harbor" exemption to sellers. The rule's five conditions are summarized below:

Holding Period. Before you may sell any restricted securities in the marketplace, you must hold them for a certain period of time. If the company that issued the securities is subject to the reporting requirements of the Securities Exchange Act of 1934, then you must hold the securities for at least six months. If the issuer of the securities is not subject to the reporting requirements, then you must hold the securities for at least one year. The relevant holding period begins when the securities were bought and fully paid for. The holding period only applies to restricted securities. Because securities acquired in the public market are not restricted, there is no holding period for an affiliate who purchases securities of the issuer in the marketplace. But the resale of an affiliate's shares is subject to the other conditions of the rule.
Additional securities purchased from the issuer do not affect the holding period of previously purchased securities of the same class. If you purchased restricted securities from another non-affiliate, you can tack on that non-affiliate's holding period to your holding period. For gifts made by an affiliate, the holding period begins when the affiliate acquired the securities and not on the date of the gift. In the case of a stock option, such as one an employee receives, the holding period begins as of the date the option is exercised and not the date it is granted.

...

If I Am Not an Affiliate of the Issuer, What Conditions of Rule 144 Must I Comply With?
If you are not (and have not been for at least three months) an affiliate of the company issuing the securities and have held the restricted securities for at least one year, you can sell the securities without regard to the above conditions. If the issuer of the securities is subject to the Exchange Act reporting requirements and you have held the securities for at least six months but less than one year, you may sell the securities as long as you satisfy the current public information condition.
...
Can the Securities Be Sold Publicly If the Conditions of Rule 144 Have Been Met?
Even if you have met the conditions of Rule 144, you can't sell your restricted securities to the public until you've gotten the legend removed from the certificate. Only a transfer agent can remove a restrictive legend. But the transfer agent won't remove the legend unless you've obtained the consent of the issuer—usually in the form of an opinion letter from the issuer's counsel—that the restricted legend can be removed. Unless this happens, the transfer agent doesn't have the authority to remove the legend and execute the trade in the marketplace.

To begin the process, an investor should contact the company that issued the securities, or the transfer agent of the company's securities, to ask about the procedures for removing a legend. Since removing the legend can be a complicated process, if you're considering buying or selling a restricted security, it would be wise for you to consult an attorney who specializes in securities law.
 
my previous post was a bit lenghthy, i admit.
moving on the Subject of Restriced shares this is what it comes down to:
Even if you have met the conditions of Rule 144, you can't sell your restricted securities to the public until you've gotten the legend removed from the certificate. Only a transfer agent can remove a restrictive legend. But the transfer agent won't remove the legend unless you've obtained the consent of the issuer—usually in the form of an opinion letter from the issuer's counsel—that the restricted legend can be removed. Unless this happens, the transfer agent doesn't have the authority to remove the legend and execute the trade in the marketplace.

does any body knows how to locate the issuer of a share? the information doesn't seem to be included in the share certificate?
any help would be appreciated
 
my previous post was a bit lenghthy, i admit.
moving on the Subject of Restriced shares this is what it comes down to:
Even if you have met the conditions of Rule 144, you can't sell your restricted securities to the public until you've gotten the legend removed from the certificate. Only a transfer agent can remove a restrictive legend. But the transfer agent won't remove the legend unless you've obtained the consent of the issuer—usually in the form of an opinion letter from the issuer's counsel—that the restricted legend can be removed. Unless this happens, the transfer agent doesn't have the authority to remove the legend and execute the trade in the marketplace.

does any body knows how to locate the issuer of a share? the information doesn't seem to be included in the share certificate?
any help would be appreciated

If you just read your own post (this one, right here) you will see exactly how these scams work. They sell you the stock knowing that they will never remove that legend for you, at least not until the stock is so far down that it doesn't make financial sense for you to remove it. Wait until your stock is worth $50 and they will be happy to remove the legend for $500.

As hard as this advice is to swallow, you are better off biting the bullet and never looking back. If you keep trying to sell or make any further transactions with these types of shares, you will be open to further loss. It is a slippery slope and it can be a very costly one.
 
If you just read your own post (this one, right here) you will see exactly how these scams work. They sell you the stock knowing that they will never remove that legend for you, at least not until the stock is so far down that it doesn't make financial sense for you to remove it. Wait until your stock is worth $50 and they will be happy to remove the legend for $500.

As hard as this advice is to swallow, you are better off biting the bullet and never looking back. If you keep trying to sell or make any further transactions with these types of shares, you will be open to further loss. It is a slippery slope and it can be a very costly one.

Have to agree with experienced it all. I only derestricted my shares to see if it could be done and to find out the true cost. That meant that when cold callers offered to derestrict other stock on a price per share I knew I was being scammed. Also worth noting that when I derestricted my Linsure shares they were no longer trading, my restriction period was over, and the agent derestricted after 30 days on a "no response from the owner" basis.
If you really want to go down the derestriction line the Transfer Agent should have a contact address, but do not expect a response, at least not a positive one. There is no way they will let you derestrict within the time period, and after that it will be too late. Then you will start getting calls from Mergers & Acquisitions companies offering to buy your restricted shares off you. But you will have to pay in advance to derestrict the shares and that will not happen and you will have lost more money.
So I am sorry to have to tell you write this one off to experience and get on with your life. I lost about £30k overall, including getting scammed by M & A, and I now have the time to waste their time when I get cold called, but my only pleasure is to catch them out and report them. Oh yes, and writing these blogs in hope of saving other mugs.
 
What is the website for Sanderson Group?

Norton Blake (nortonblake.com) looks like a sham. Website - Creation date: 07 Dec 2009 15:43:06 (but they have Copyright 2004 on the website?) and they paid for Domain Privacy which is typical of the scam companies. There are a few other things that don't add up as well. In my opinion, this company probably doesn't exist.

Hi Guys - sorry, don't have time to introduce myself - just wanted to get this information "live" and out there asap.

Sanderson Group is definitely a scam. I have been phoned since Jan by a guy called Simon from Sanderson Group who recommended Chesapeake, Hecla Mining and most recently Nike. I very nearly lost £12K on this but something told me to check it out very deeply. Good job I did. They seem very convincing partly because you dont pay them the money for shares - you pay an "escrow company" called B Gold International LLC (which on checking doesn't seem to exist). No doubt B Gold is run by the same scammers.

Once I did check this lot out I found that the domain sanderson-group.com was only registered in Jan 2010 to some French guy (despite "Simon" claiming that the company had been going for 30 years!). The Sanderson Group office is suppoesdly in Frankfurt, but when you ring the phone number for the office you get some voicemail message in Spanish! I can find no record anywhere for B Gold International LLC.

Once I agreed to buy the Nike shares (yes I was that close) "Simon" passed me on to an Irish guy called James. When I confronted James with my suspicions he promised to check them out and get back to me - which of course he didn't.

Be warned, these guys are very convincing - I was nearly fooled and I consider myself to be "unfoolable"! Hope this message helps to prevent others falling for this.
 
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