Boiler Room Scams

[Pete007]

Hi Susie,

You make a couple of interesting points [1] your support for the regulators and Lse rules which we will come back to shortly.

China/ Russia and any new developing country will not allow to much foreign investment in, due to their economies are and will be based on manufacturing in the future, everything in the UK is made in China or gas and oil from Russia, if they based their economies on ours in the last 20 years it would follow that all the money would leave China and they are trying to protect sustainable economies. My view is that one market to have such an affect on the would stage is sending a message out that look else where for quick profits.

This brings me back to your support of the regulators. Deregulation and the relaxation of Fsa in my opinion aloud any Tom Dick or Harry to find ways to scam us, first from asset striping the Utilities and allowing foreign companies to own them, even right down to the local level where builders can try and rip you off for your bathroom installation. China is setting an example to prevent scams but the Government here and Fsa tells the world that we are open handed and welcoming people with our money.

 

[looker1]

Good to see a little banter on the board there Susie and Pete! Bottom line is, investment involves risk, you both have valid points, neither a specifically right or wrong, a couple of things remain a fact though. When these scam merchants, weather they be stock, gems, land wine whiskey, roses, options, commodities, metals, bars of gold or walrus farms, a coople of things remain, If the deal was that good, they would have dealt it long ago to existing clients, even if they are using "just a small amount" to attract new clients, have them send there incorporation documents to you first, along with there banking instructions before you commit to ANY deal, also, the "word is my bond" waffle is from all the scam films, almost every boiler room I have been scammed by, somone has said that, It's done to get commitment, to use against you if you try to back out, classic high pressure tactics used in the sales business the world over, even the timeshare guys in spain use it. No reputable company, Morgan Stanley, Price Waterhouse, etc etc will cold call you EVER, IT IS ILLEGAL! Always has been, in every western jurisdiction. The "oh you've been on our database" is not an excuse, neither is when they have purchased a share list that you happen to be on, even if you respond to a glossy mail shot brochure, in the UK, these have to be authorised by an FSA accountant, and they are not allowed to be seen to make reccomendations in them, nor off the back of them. (such as "we have been sending you our newsletter and we said months ago it would go up")
Don't buy stock over the phone, I have lost a lot over the years, its been an experiance, and one I hope I have learned from, if you get an offer that sounds that good, have the broker send you a copy of his passport, his directors passport, and the company certs, I have never received one yet!

As for investment in places like china and russia, ensure, even in the big companies, that your investment stays in a hard currency, USD, EURO or GBP, chinese wan is as much use as a chocolate teapot outside china!

 

[SusieD]

My word is my bond

Yes, the phrase, "My word is my bond", applies only if you reserve it for someone you know will look after it - and you know it by reputation and by looking into their company affairs.
Never by stock over the phone, he says !!!
I never bought stock any other way until the Internet came along. How else can you do it? I suppose you could walk into your broker's offices, or your bank, but once the phone was invented we used it . It is like saying you shouldn't shop over the internet or over the phone, but all farmers do that because the trip to the shops takes a days work out of the business.
The bottom line is trust. Who can you trust?
The answer is to be careful and know that trust is involved. Risk is how you make money, and risk assessment is old as the hills, not something thought up by educationalists to prevent lawsuits.

Do I trust the chinese government not to try and cover the massive losses they are making by nationalising (steal) foreign investment money? Or to tax it, setting a drain on profits to be made there?
I don't need to type in the two word answer and doing so would help nobody.
China has roped in all manufacturing industry, closed the rest of the world down and turned us all into customers - there is a factory near here up for sale for just £20K !
Then China can hike up the prices and we all have to pay - they think. WRONG, we can import it all back here in a flash. We might have lost the skills but we can import those back as well.
We have been doing that on these islands for millennia and are very good at it.

 

[countryman]

Securities Advice Group

Forgive me if this is posted in the wrong place: I'm no great fist with bulletin boards, but time presses!

I have recently discovered that my father, with a lifetime's experience in share dealing, has bought shares in Mobile Stream and Trans Global via dealers called Wellington (in Dubai, contact Derek Bourne) and Securities Advice Group (contact Andrew Parker-Jones), respectively. The Mobile Stream shares have been sold and payment promised for today at the latest (Wednesday 7 March).

It is my father's plan to use this money to purchase 200,000 shares in Royal Petroleum (Canada) via Securities Advisory Group. They say they will not allow him to sell the Trans Global shares until he has brought the Royal Petroleum allocation. For what it's worth the payment is apparently direct to Royal Petroleum.

I have found the names of the dealers and 2 of the shares on this site, so it seems absolutely clear to me (especially considering the high pressure tactics that have been employed) that this is Boiler Room activity.

I offer these details as further confirmation of the information on this excellent site. Does anyone have any advice on the best course of action to pursue. All advice, comments and suggestions will be very gratefully received.

 

[SusieD]

Have a look at -
http://www.advfn.com/

asks if you mean one of these -

Trans Global Svcs (BB) USBB:TGSI
Trans Global Logisti (OTC) USOTC:TLGI
Trans Global Svcs (OTC) USOTC:TGSI
Trans Global Svcs Inc

Mobile Stream comes up zilch, you might mean Mobile Streams? That is listed
in the London Stock Exchange -
LSE:MOS

So why does he not buy and sell through a normal dealer, like TD Waterhouse?

Now would not be a good time to sell shares in Mobile Streams, it is down
and headed up.

I don't think his investment is good, but what do I know? If I can't find a company I don't buy into it.
Mobile Streams is a mobile phone company. Not oil, as the other names you quote are.
The Times says it is a pretty strong buy. Thanks for the tip, I hadn't noticed it before.

 

[macthibuoi]

Forgive me if this is posted in the wrong place: I'm no great fist with bulletin boards, but time presses!

I have recently discovered that my father, with a lifetime's experience in share dealing, has bought shares in Mobile Stream and Trans Global via dealers called Wellington (in Dubai, contact Derek Bourne) and Securities Advice Group (contact Andrew Parker-Jones), respectively. The Mobile Stream shares have been sold and payment promised for today at the latest (Wednesday 7 March).

It is my father's plan to use this money to purchase 200,000 shares in Royal Petroleum (Canada) via Securities Advisory Group. They say they will not allow him to sell the Trans Global shares until he has brought the Royal Petroleum allocation. For what it's worth the payment is apparently direct to Royal Petroleum.

I have found the names of the dealers and 2 of the shares on this site, so it seems absolutely clear to me (especially considering the high pressure tactics that have been employed) that this is Boiler Room activity.

I offer these details as further confirmation of the information on this excellent site. Does anyone have any advice on the best course of action to pursue. All advice, comments and suggestions will be very gratefully received.

Take a look at the link below. You may have to register. I would highly recommend you do as there are people in your fathers situation who have also been sold this rubbish.

http://boards.fool.co.uk/Message.asp?mid=10281749&sort=whole#10284114

 

[looker1]

Take a look at the link below. You may have to register. I would highly recommend you do as there are people in your fathers situation who have also been sold this rubbish.

http://boards.fool.co.uk/Message.asp?mid=10281749&sort=whole#10284114

I like the link, I do occasionally go on to fool, but i dont generally post there personally, I notice further down the thread someone mentioning the "phone this client, He'll tell you!" ploy, this, to my knowledge was first done by John Keely, (Brinton, Sigama,E-go-trade) a few years ago when they were scamming the australians, they would have an aussie number diverted to a mobile, Dr richard King/Bell also used this ploy with several companies that ran out of the philippines and thailand apparently, The fact remains, If a broker/advisor/etc reccommends this, AVOID LIKE THE PLAUGUE! it is prohibited by the various data protection acts for a financial advisor to give out or refer a clients number to anyone, least of all to use it as a selling tool to another victim!
My suggestion remains, write off your losses, its gone, dont listen to the BS, no-one is buying your stock, take your cert to an international high street broker, see if they are able to trade it on your behalf, if they are, see what the restrictions are, google "rule 144" if there is a restriction, go to the sec website, and follow the instructions or consult your OWN lawyer, not one on a search engine, if your own lawyer cant do it, he will find one that can. The search engine ones are usually suspect at best too, it rarely costs anything to lift restrictions if done properly.
Call me cynical, but I have lost alot, after much research, I dont lose anymore, and on occasion, I have even made some out of it.

 

[countryman]

Thanks for getting back

Have a look at -
http://www.advfn.com/

asks if you mean one of these -

Trans Global Svcs (BB) USBB:TGSI
Trans Global Logisti (OTC) USOTC:TLGI
Trans Global Svcs (OTC) USOTC:TGSI
Trans Global Svcs Inc

Mobile Stream comes up zilch, you might mean Mobile Streams? That is listed
in the London Stock Exchange -
LSE:MOS

So why does he not buy and sell through a normal dealer, like TD Waterhouse?

Now would not be a good time to sell shares in Mobile Streams, it is down
and headed up.

I don't think his investment is good, but what do I know? If I can't find a company I don't buy into it.
Mobile Streams is a mobile phone company. Not oil, as the other names you quote are.
The Times says it is a pretty strong buy. Thanks for the tip, I hadn't noticed it before.

As far as the first stock goes, i've only ever seen it written as Transglobal Oil. For the second it's Mobilestream Oil, Inc. on 2 certificates and Mobilestream, Inc on 2 others. Reassuring.

 

[countryman]

Thanks for the advice ...

Take a look at the link below. You may have to register. I would highly recommend you do as there are people in your fathers situation who have also been sold this rubbish.

http://boards.fool.co.uk/Message.asp?mid=10281749&sort=whole#10284114

... I'll give it a go

 

[macthibuoi]

I like the link, I do occasionally go on to fool, but i dont generally post there personally, I notice further down the thread someone mentioning the "phone this client, He'll tell you!" ploy, this, to my knowledge was first done by John Keely, (Brinton, Sigama,E-go-trade) a few years ago when they were scamming the australians, they would have an aussie number diverted to a mobile, Dr richard King/Bell also used this ploy with several companies that ran out of the philippines and thailand apparently, The fact remains, If a broker/advisor/etc reccommends this, AVOID LIKE THE PLAUGUE! it is prohibited by the various data protection acts for a financial advisor to give out or refer a clients number to anyone, least of all to use it as a selling tool to another victim!
My suggestion remains, write off your losses, its gone, dont listen to the BS, no-one is buying your stock, take your cert to an international high street broker, see if they are able to trade it on your behalf, if they are, see what the restrictions are, google "rule 144" if there is a restriction, go to the sec website, and follow the instructions or consult your OWN lawyer, not one on a search engine, if your own lawyer cant do it, he will find one that can. The search engine ones are usually suspect at best too, it rarely costs anything to lift restrictions if done properly.
Call me cynical, but I have lost alot, after much research, I dont lose anymore, and on occasion, I have even made some out of it.

you seem particularly well informed, kudos to your research skills!! are you familiar with boiler-rooms.co.uk. Lots of info here and i'm sure your contributions to some of the topics would be highly appreciated.

 

[Aquarius]

Hmm interesting experience. Mobilestream Oil is largly owned by a Mr. Frank Pringle and is quoted on the American OTCO market. Mr. Pringle is classified as a Serial Inventor. You need to look on the pink sheets on ticker code MSRM to read the progress of the company. Global Resource Corp. is another of Mr. Pringle's hopes. He is currently merging the two companies and indications are that the asset allocation report will be out in July. The stock will have been sold as Regulation S or Letter Stock. This letter stock can have the restriction removed so the stock can be sold under certain conditions but at no more than a fixed fee of about $100. Anyone offering otherwise is an advance fee fraudster.As to the value of these shares most of the value is currently hope value. I suspect that it will be a number of years before these share reach their potential if at all. There are many hurdles to overcome yet not least of which is whether the technical mechanisms for tyre degradation and conversion of heavy oils by microwave irradiation actually work. I should add that I have also taken a punt on the stock and appear to be in the same situation as your Father.

 

[colin howes]

Pharma Holdings Inc

I had Pharma Holdings Inc checked out by the SEC in the states as it is a Florida based company. The SEC informed me that as long as I have a share certificate verified by Pharma Holdings that all is OK. I contacted the CEO Mr Klapp (yes that is his real name) and he conformed I was a share holder and he would be selling the company as soon as reasonably possible resulting in a signigificant return on my investment. Hope this is the case.

The other day a friend showed me a share certificate for Pharma Holdings Inc. Looked a bit odd, though I don't know why. Maybe because you don't often see share certificates these days, it's all electronic.
Is it a scam company, or is it for real?

 

[Jneverlands]

I had Pharma Holdings Inc checked out by the SEC in the states as it is a Florida based company. The SEC informed me that as long as I have a share certificate verified by Pharma Holdings that all is OK. I contacted the CEO Mr Klapp (yes that is his real name) and he conformed I was a share holder and he would be selling the company as soon as reasonably possible resulting in a signigificant return on my investment. Hope this is the case.

I wouldn't hold your breath. Pharma does not appear to be a legitimate company. I have joined an action group maybe you would like some more info. The person you need to talk to is [email protected] she will point you in the right direction

 

[jocke]

Intercap Managment

I found this website by searching for information on Intercap Management Group and found a thread that spoke of the exact scenario that my husband had been contacted about...Global Equity Fund blah blah blah - only we are in Canada. He did invest and now any contact numbers (which were all based in Canada) we were given are disconnected. I can not find any information about this being a scam in Canada or the US. I don't know how different the laws and regulations are between N.A. and Europe. Does anyone have any advice/information/etc. for us about this?

Can you please contact me so we can discuss?
Thank you,

Sandy Novak, CFP
Investigator

my email address is

[email protected]


Enforcement Branch, Securities Division
Saskatchewan Financial Services Commission
Phone: (306) 787-5844
Fax: (306) 787-5899

www.sfsc.gov.sk.ca

 

[livingdaylight]

I found this website by searching for information on Intercap Management Group and found a thread that spoke of the exact scenario that my husband had been contacted about...Global Equity Fund blah blah blah - only we are in Canada. He did invest and now any contact numbers (which were all based in Canada) we were given are disconnected. I can not find any information about this being a scam in Canada or the US. I don't know how different the laws and regulations are between N.A. and Europe. Does anyone have any advice/information/etc. for us about this?

A slight aside, and i see that you are already getting some good support
I just saw the movie Boiler Room with Ben Affleck yesterday. In the opening prologue it says that it is a work of fiction and any resemblance to names places or incidents is coincidental, and that is probably true, but it so resembled my experience of how i was approached and 'worked' only last week by a company called Knobel-Lynch so much. I only wished i had seen the movie before, although fortunately for me i did not part with any money anyways, but it sounds like you had had a similar experience and could have done with some more knowledge of how these 'shops' work. I know hindsight is easy but i thought i'd mention it. I was surprised that i had never heard of the movie and feel that it was doing a positive service and if more people saw it then everybody would be unto their game and the'd be out of business

all the best,

livingdaylight

 

[anley]

The fake Exchange trick has gone a little bit quiet since the 'Dubai Exchchange' closed down last month.

Anyone heard of any new fake Exchanges been setup because I bet it worked well therefore the scammers must be looking to use the strategy again.

 

[looker1]

The fake Exchange trick has gone a little bit quiet since the 'Dubai Exchchange' closed down last month.

Anyone heard of any new fake Exchanges been setup because I bet it worked well therefore the scammers must be looking to use the strategy again.

Hi Anley and folks,

I havent heard too much more on the exchange front, but I did see this in one of the forums i am in with regards to Pharma, Was posted by Arthur Dent, I have seen offerings similar in the past, although not this blatent! The forum in question is "conned_by_AGE" on Yahoo, If you own pharma, or have had any dealings with Argus Global Equities, it's well worth a visit!

Found this tonight!

Are you interested in offering Regulations S securities to your Non-US
clients ?

We are one of the preeminent Corporate Finance firms in the area of
Regulations S ( Reg S) and proud ourselves to be able to offer the
entire spectrum of services surrounding a successful placement of Reg
S securities.

Become a Sales Agent for SHB Capital and benefit from:

* A constant pipeline of new transactions, enabling you to offer
at least three different transactions to your investors at any given time.
* The confidence that all of our offerings have been thoroughly
researched and analyzed to ensure success for the investors.
* All of our offerings are listed on either the NYSE or NASDAQ .
* A strong due diligence process with the ultimate goal to offer
your clients a potential return on investment of at least 300 %.
* Constant research coverage to keep you and your clients aware of
any positive developments.
* Contractual agreement between your investor and the company
directly; no middleman in between.
* All transactions are handled by highly reputable law firms which
acts as the Escrow Agent.
* Commission Payments up to 4 times a month.
* Stock loan and brokerage solutions to collaterize or liquidate
all securities acquired by your clients.

If you would like to offer Reg S securities to Non-US investors please
call us at 001-312-528- 9106 (wait for recording then extension 418) or
email info@shbcapital. com. ( We speak English, Spanish and German)

Interesting stuff, what they are doing is not really illegal, but it does show how easy it is to set up your own boiler room, the site above has been around since the end of 2005, the only thing would be legistlation to make the sale of reg "s" illegal to prevent this scum from working.

 

[looker1]

Hi folks,
Just as the fake exchange seems to have gone quiet, I get this warning notice today! The 2 press releases below come from the following site and company

VENTURE RESEARCH INSTITUTE
22865 Lake Forest Dr. Ste 32
Lake Forest CA 92630
www.vcresearch.info www.investordataexchange.com
(888) 339-7407 Fax: (949) 859-3480

This company has been a pretty good tool for the heads up on some of the scams going on out there they are on a par with forums like this and "fool" and "crimes of persuasion" etc, their newsletter does have a lot of the usual 419 scams and pyramid deals mixed in with it (which are ever evolving) but most relevantly to this board, they do publicise promptly any boilerroom operations, two of which I have pasted in below.

UNITED WORLD EXCHANGE/US DINAR
The Council of Better Business Bureaus is warning consumers across the United States and Canada to be wary when considering foreign currency investment, particularly alleged investment deals for the Iraqi dinar. Consumers report that United World Exchange/US Dinar is allegedly selling Iraqi currency online and is not providing consumers with what they have purchased, nor are they giving the potential investors their money back. Potential investors claim to have bought Iraqi dinars for anywhere between several hundred to several thousand dollars. Consumers who have purchased dinars and have not received them are urged to report the issue to the Chicago and Northern Illinois BBB office via their Web site, www.chicago.bbb.org or by calling (312) 832-0500.

Gold at a discount. Sure, who’s stupid enough to sell it to you?
The Dubai Multi Commodities Centre (DMCC) Wednesday warned investors in general to exercise caution in dealing with offers made to sell large amounts of gold at a discount to the market price. DMCC said it has become aware of a recent upsurge in such offers, which are almost always an attempt to defraud investors. The sellers frequently approach honest business partners who are unaware of how the gold market operates, according to DMCC officials. The organization said the best protection is to deal only with reputable gold merchants, and be wary of any offers that claim to include a discount from the market place.

 

[carlosd]

http://www.emersoncapitaleurope.com/index.html

Another boiler room.
Their website is identical to Atlantic Capital management's which i posted on here before.
Suprise suprise!!

Trying to tout GREEN MACHINE DEVELOPMENT CORP.

Ticker symbol GMVP.

 

[looker1]

Registrant
Name Domains by Proxy, Inc.
Domain
Name EMERSONCAPITALEUROPE.COM
NameServer NS1.8Z10.COM
NameServer NS2.8Z10.COM
Status clientRenewProhibited
Registrar
Name GoDaddy.com, Inc.
HomePage http://www.godaddy.com

Renew prohibited doesnt look promising, nor the lack of general info on the domain, Looks also similar to a "longmann financial" www.longmannf.com that were touting some crap last year.

GMVP -- Green Machine Development Corp.
Com ($0.001)(New)
Search for Dun & Bradstreet reports on this company.

Address:
624 Manatee Bay Drive
Boynton Beach, FL 33435
USA


Phone: 561-742-0870


Business Description: Not Available

Primary State of Incorporation: Florida


Country of Incorporation: USA


Officers:
George L. Liddy, President

Edgar Filing Status: Non-Current EDGAR Filer

Outstanding Shares: 600,000 as of 2006-12-14

Estimated Market Cap: Not Available


Current Capital Change:
shs decreased by 1 for 25 split
Ex-Date:
Record Date:
Pay Date: 2006-12-14

Dividends:

Transfer Agent:
Florida Atlantic Stock Transfer, Inc., Tamarac, FL 33321
The information provided here has been obtained from publicly available sources as well as directly from issuers in some cases.

COMPANY NEWS AND PRESS RELEASES FROM OTHER SOURCES:

Green Machine Development Corporation Announces Acquisition Of Ellwood Overseas Holdings SA

Feb 19, 2007 (EWORLDWIRE via Comtex) -- Green Machine Development Corporation (Pink Sheets: GMVP) (GMDC or the "Company") today announced that it had consummated the acquisition of Ellwood Overseas Holdings SA through a stock for stock reverse merger transaction. By virtue of the reverse merger, Ellwood Overseas Holdings SA, a Panamanian Corporation, became a wholly-owned subsidiary of the Company. Prior to consummation of the above described transaction, the Company had no operations for a number of years and had no meaningful assets or liabilities. As a result of the merger, GMDC will have approximately 125,781,674 shares of common stock outstanding once it has increased its authorized number of shares of common stock. Ellwood Overseas Holdings SA stockholders will receive approximately 99 percent of all equity shares outstanding immediately following the merger closing.

All of this equates to a reverse merger, from one defunct "fresh air" company to another, just to create some stock to scam with. The above quotes and excerpts are freely available from www.pinksheets.com
I would suggest anyone called by someone for a stock like this, look at the archive news for reverse mergers like this, they do it this way because its cheaper to revive and rename an old company and its stock then reverse split prior to resale, than it is to create a genuine new shell and company.
AVOID LIKE THE PLAUGE!!