Boiler Room Scams
- Thread starter Airthrey Capital
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Well noted i indeed found them on the Financial regulators list of new zealend but no where else. I am rying to see if i can get them but i do beleive it is misson impossible.
Thanks for the advice
Maybe you can recommend some good and reliable iunstitutions for investments i might be able to make it up.
Shin Kong Wedbush are frauds to be sure.I am also a victim of them.I invested around 30K with them over the past year.As with you, they never made any grandiose claims, ....at the most 30% in a year.When I needed to liquidate it this December, all the phone lines were down and I couldnt reach them even with email.I contacted the Financial Securities Bureau in Taiwan(their SEC) and they told me that this SKW was registered in China,not Taiwan and that this was an international scam.However there may be a light at the end of the tunnel.....I contacted their bank where I made the transfers (Cathay United Bank) and they told me that the account is frozen and is under investigation.They wouldnt tell the amount of funds available in the account.All they said was that they were awaiting a judgement from the Taiwanese court on this matter and didnt know when that would be.All in all ,looks like the authorities had gotten wise to them pretty quickly as I had spoken to a "broker" from SKW just 1 week prior and they claimed everything was hunky dory.I even got an email saying that they had been acquired by a Gibraltar based company called Fairfield Associates.
Their banks home page
www.cathaybk.com.tw
email:[email protected]
Financial Securities Bureau
Emails
[email protected]
[email protected]
Here is something curious,while furiously googling SKW ,I found this company Richmond Grant.Looks like another scam but this is based in Hong Kong, in their contact email page they ask you to contact them in case of any issues with SKW products hmmm....
http://richmondgrant.com/contact-email.php
On top of this ,their goddamn twitter account is still active
http://twitter.com/shinkongwedbush
(Last entry
ec 29th)Here are the names of the people I dealt with at SKW
Ron Haskin(customer service)
David Brown(Senior Portfolio Manager)
Douglas Butler(SVP Investments)
Shang(dont remember title)
Richard Franklin(Portfolio Manager)
Mathew Curren(Portfolio Manager)
Mike Tan(used to send a SKW newsletter,stopped around March 2010)
I first dealt with David Brown, when I asked him to liquidate some monies, he suddenly got a back problem and I was now dealing with Richard Franklin,later when I made the same request to Richard Franklin to release some more monies he initially side stepped it saying that he couldnt sell it as mine was a small amount and that he doesnt anticipate a large block sale until December and also it would be more profitable then.Later, when I tried to reach him, Ron Haskin informed me that Franklin had to skip work due to the birth of his son!Matthew Curren then replaced Franklin ,by then in late NOvember/early December I reiterated that he had to liquidate it all.Mr Curren agreed and after that all communication ceased!BTW the stock they claimed I had was HGSI, I contacted HGSI as well and they claimed to have no knowledge of this broker or my stock.
As recently as Christmas Eve, David Brown has been penning articles on behalf of SKW at articlesnatch.com
http://www.articlesnatch.com/Articl...e-Q4-Loss-Much-Narrower-Than-Expected/1009319
Mind you this article was written while SKW was very much under the microscope of the relevant authorities as well as their bank.
Hope this info helps.Lets ,keep at it , perhaps we may recover atleast some of our investment
Remember none of these companies are based where they say they are. They can buy a virtual office anywhere in the world for 100 dollars. Likewise those will all be false names that are used.
You are on the mugs list now so expect more calls. They will probably try to get more money out of you using some excuse about recovering your losses. Remember anyone who calls you is a scammer, regardless of what they say.
You are on the mugs list now so expect more calls. They will probably try to get more money out of you using some excuse about recovering your losses. Remember anyone who calls you is a scammer, regardless of what they say.
Thanks pboyles.Wish I came across this site earlier.The mistake I made was googling for SKW and not finding any info about their being scam.Thus I erroneously assumed absence of evidence is evidence of absence.However since it was a very new company(registered March2009) , they wouldnt be on the radar screen just yet.
A good chunk of my money went into it.Boy I learnt the hard way not to fall for this.I suppose it couldve been worse, I couldve been older and more naive(some guys in Europe took a loan to the tune of 80k Euros or so in order to invest in a similar fraudulent enterprise called Dai ichi securities!) and lost more.
Of course I wouldnt touch Richmond Grant with a 1000 mile pole but I found it curious that they put up SKW detailson their site.
I havent gotten any calls like these yet and if I do I will tell them to shove it.
I may not have enough capital to invest for atleast a year, so you recommend not going for a broker ,even legit, at all?But to learn to trade for ones self?
These scams pop up very quickly, sometimes they just think up a new name and reuse the old website, even the content is the same. It's impossible to identify all of them before they scam at least a few people.
Even legit brokers will not make you much money and many of them will lose your money. There are some brokers who, whilst operating 'legally', will churn and burn your account. These guys are interested in making themselves money, not you. As for learning to trade that is an option but remember it could take you years to become profitable.
Even legit brokers will not make you much money and many of them will lose your money. There are some brokers who, whilst operating 'legally', will churn and burn your account. These guys are interested in making themselves money, not you. As for learning to trade that is an option but remember it could take you years to become profitable.
Here's a recent article about a UK based Ponzi scheme, I think the most interesting thing is that when the police broke the news to the victims many of them gave the police a load of abuse and accused them of causing the problems.
It just shows how people's heads are turned by the promise of easy money and then cant admit they were totally fooled when it falls apart.
http://www.telegraph.co.uk/news/new...out-in-British-Bernie-Madoff-Ponzi-fraud.html
It just shows how people's heads are turned by the promise of easy money and then cant admit they were totally fooled when it falls apart.
http://www.telegraph.co.uk/news/new...out-in-British-Bernie-Madoff-Ponzi-fraud.html
bangkokgee
Active member
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ITS ALREADY THERE PETE,THATS WHY I POSTED,not only me looks like alot of us hurts still live to fight another day alot more people worse off than we are got two arms legs .becareful out there fookers will get you
good news got my money back ,a guy on here pjchalmers aka pappac is pulling off one big scam.www.tradingeliteclub.co.uk he is prying on newbies from gambling site cash master,the guys got 280 odd members paying 100 quid a month,no refund paypal closed his account and some people got refund the sad thing is all these newbies are defending him.a fool and his money are easy parted becareful out there
He was spamming here a while back. I think some of the original posts have been deleted or edited.
http://www.trade2win.com/boards/general-trading-chat/110518-hi-friends-i-am-new-one.html
bangkokgee
Active member
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hey p been following your great advice on here along time but this sad ***** hit the jackpot 28000 quid a month he is raking in and throws out anyone who says anything he dont like,im in there tomorrow been given password so i will keep u posted makes you sick he makes so much money from not trading just like your last post when clients turned on the police,were in the wrong game mate
Hi David
I appear to be in exactly the same position as you. I asked them to sell some of the shares that I "apparently bought" and they said the trade was going through on 17th December. Naturally no money has appeared in my account and when I phone it just goes to a mail box that is full. Surprisingly, when one phones after hours one get a recorded message.
I thought I had investigated them quite thoroughly before I invested, and really could not find anything negative about them, but I guess I f.....ed up on this one.
Perhaps is you want us to coloaborate, you could e-mail me if you find out anything and I will do the same. My e-mail address is [email protected].
Cheers
Brett
I appear to be in exactly the same position as you. I asked them to sell some of the shares that I "apparently bought" and they said the trade was going through on 17th December. Naturally no money has appeared in my account and when I phone it just goes to a mail box that is full. Surprisingly, when one phones after hours one get a recorded message.
I thought I had investigated them quite thoroughly before I invested, and really could not find anything negative about them, but I guess I f.....ed up on this one.
Perhaps is you want us to coloaborate, you could e-mail me if you find out anything and I will do the same. My e-mail address is [email protected].
Cheers
Brett
Hi
I am also one of the idiots that invested some money with them, I was stupid enough to invest US$ 90 000.
How are you planning to try and get your money back, I really would appreciate it if you could keep me informed of what you are doing so that we can try and work together on this.
Regards
Brett Marlin
I am also one of the idiots that invested some money with them, I was stupid enough to invest US$ 90 000.
How are you planning to try and get your money back, I really would appreciate it if you could keep me informed of what you are doing so that we can try and work together on this.
Regards
Brett Marlin
Brett
Which company did you deal with? It's not clear from your post and there are hundreds of different ones mentioned on this thread.
ricky.green
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Hi,
James Burbott from Wescorp Legal, a Hong Kong based legal firm, has been contacting me regarding an investment I made last year into a company based in China. The initial investment is not the main worry, however I have not been dealing with with Wescorp Legal nor Mr. Burbott and am slightly concerned with the offer I am being made.
I contacted my original broker who I have been dealing with during my trades and he has told me that his company have no connection or knowledge of either James Burbott or Wescorp Legal, and to ignore future correspondence with him.
I am curious to know if anyone else has been contacted, or has knowledge of Wescorp Legal in Hong Kong and James Burbott?
Thanks for any information,
Ricky.
James Burbott from Wescorp Legal, a Hong Kong based legal firm, has been contacting me regarding an investment I made last year into a company based in China. The initial investment is not the main worry, however I have not been dealing with with Wescorp Legal nor Mr. Burbott and am slightly concerned with the offer I am being made.
I contacted my original broker who I have been dealing with during my trades and he has told me that his company have no connection or knowledge of either James Burbott or Wescorp Legal, and to ignore future correspondence with him.
I am curious to know if anyone else has been contacted, or has knowledge of Wescorp Legal in Hong Kong and James Burbott?
Thanks for any information,
Ricky.
Ricky,
Dont fall for any of these calls, they are setting you up to scam you. By the way did you initially 'invest' based on a cold call. If you did it would explain how this guy got your details. I would also have to say that if you 'invested' in a company in China based on a cold call then you were scammed and this is just part 2.
I should have explained more. This call is probably going to result in a request for you to pay an advance fee for something or other, once you pay that they will disappear. Either that or they are operating a recovery room scam where they pretend to be helping you sort out a previous scam that you fell for. Either way they are after your money, dont give them it.
Ricky
As PB says you're being setup again by the same scammers that scammed you in the first place. That's why they know you and your contact details as well as guessing you'll play in order to try to get the money back you've already lost.
Use this simple rule in future - Anyone and everyone (NO exceptions) that calls you with an investment idea or an offer of help is 100% a scammer and you're being setup. Chances are they'll be good and sound very plausible and geniune but all they're thieves all the same.
As PB says you're being setup again by the same scammers that scammed you in the first place. That's why they know you and your contact details as well as guessing you'll play in order to try to get the money back you've already lost.
Use this simple rule in future - Anyone and everyone (NO exceptions) that calls you with an investment idea or an offer of help is 100% a scammer and you're being setup. Chances are they'll be good and sound very plausible and geniune but all they're thieves all the same.
Brett
Did you see the post here from Shishir? He has some knowledge about a court case, might be worth contacting him.
http://www.trade2win.com/boards/brokerages/14154-boiler-room-scams-281.html
Ricky,
Was their website wescorpls.com by any chance. Its down now but that site has all the hallmarks of a scam, it was created in December 2010, the registration details are hidden and it has now disappeared.
There was (or is) a James Burbott working for a corporate credit union called Westcorp in San Dimas, California. My guess is that the scammers have used genuine details to make things look a bit more legit. That has happened quite a bit, sometimes they clone an entire website.
http://www.allbusiness.com/technology/technology-services/107682-1.html
