Boiler Room Scams

[looker1]

We have done the mistake and holding restricted (ixsv) shares!! But the company is already registered.

We would like to sell the restricted shares? Any suggestion's?

There used to be a guide on www.freeedgar.com on having restrictions lifted, also on the US SEC site, its been a while since i've done it, thats where i found the info first time, and i dont have it to hand at the moment, but when i find it i will post it.

There was a post a couple back about receiving an ATS cert, that normally means they are putting the company to bed, (closing down) or, have just sent it to you to stop you complaining. If ATS has been floated somewhere, then you may be able to sell, after lifting any restriction.
I found in the past, they send you a cert, and all goes quiet for a while, then, out of the blue, another hotshot calls trying to buy it off you for a fortune, only on the condition that you buy their peice of crap stock!
Be careful, and goodluck with the restriction lifting.

 

[Mgoody]

Not sure if it's been posted here before but heres another one to be wary of:
Atlantic Capital Management website www.atlantic-cm.com
Got a cold call from a Mr Frazier touting mobilemail website www.mailsms.co.uk.

According to Mr Frazier, I just missed out on this one moving from 10p to 101 in the last month, but if i get on now just before the "big corporates" get in he has an upper margin of over 300 for this stock, but being that this is our first time dealing together he would like me to invest £5000 to start with just so that he can show me how much money he will earn me ( i love that one), he will advise me when to sell, better still he will advise me to sell just before these mystical "big corporates" do, so that i can maximise my returns.
What a nice man.

Carlos,

Could this be the same ( Nice !! ) Mr. Frazier that calls me from 'Grandby Trading' pushing New Mellenium Medical ?????????? Do you have a first name for him ????

 

[looker1]

Not sure if it's been posted here before but heres another one to be wary of:
Atlantic Capital Management website www.atlantic-cm.com
Got a cold call from a Mr Frazier touting mobilemail website www.mailsms.co.uk.

According to Mr Frazier, I just missed out on this one moving from 10p to 101 in the last month, but if i get on now just before the "big corporates" get in he has an upper margin of over 300 for this stock, but being that this is our first time dealing together he would like me to invest £5000 to start with just so that he can show me how much money he will earn me ( i love that one), he will advise me when to sell, better still he will advise me to sell just before these mystical "big corporates" do, so that i can maximise my returns.
What a nice man.

Hi Carlosd,
I see on the atlantic site they claim to have an office in Malaga, Spain. Now i happen to live a little down the road from there, I notice on the site, they have no address.
Just for a jolly, call them up showing an interest in what they have, and out of interest, ask them for the address in Malaga, post it on here, and I'll see whats actually there!

 

[carlosd]

hi MGoody & Looker1

It wouldnt suprise me if this is the same person.
I dont have a first name unfortunately but he will no doubt ring back, and will try to get a first name and address for him.

Whats the betting he also sells timeshare?

:cheesy:

 

[looker1]

hi MGoody & Looker1

It wouldnt suprise me if this is the same person.
I dont have a first name unfortunately but he will no doubt ring back, and will try to get a first name and address for him.

Whats the betting he also sells timeshare?

:cheesy:

The address will be very interesting, that way we can also see if they are registered with the cnmv. the spanish authorities. There were an awful lot of rooms down here years ago, and it seemed to have died down, but perhaps its fashionable again to be here!
As for timeshare, I dont doubt Mr Frazier would sell you his grandmother if he though theree was a buck in it!

 

[yaphoo]

There used to be a guide on www.freeedgar.com on having restrictions lifted, also on the US SEC site, its been a while since i've done it, thats where i found the info first time, and i don't have it to hand at the moment, but when i find it i will post it.

There was a post a couple back about receiving an ATS cert, that normally means they are putting the company to bed, (closing down) or, have just sent it to you to stop you complaining. If ATS has been floated somewhere, then you may be able to sell, after lifting any restriction.
I found in the past, they send you a cert, and all goes quiet for a while, then, out of the blue, another hotshot calls trying to buy it off you for a fortune, only on the condition that you buy their peice of crap stock!
Be careful, and goodluck with the restriction lifting.

hi looker
on the freeedgar.com i found nothing and at SEC site it seems there is no such a Guide!!
Do u remember at least the title from that Guide? Or have u some hints how to search for it?
ATS cert ?! We didn't receive such a Certification ! what is that?

Thank u in advanced

 

[looker1]

hi looker
on the freeedgar.com i found nothing and at SEC site it seems there is no such a Guide!!
Do u remember at least the title from that Guide? Or have u some hints how to search for it?
ATS cert ?! We didn't receive such a Certification ! what is that?

Thank u in advanced

If you haven't received a certificate, i suggest you demand one before you entertain any more conversations with the brokers or advisors about further business, then once you have that, you can see what steps you need to take to be able to sell your stock.
Regarding the sale of restricted stock, see the links below.

http://www.svbizlaw.com/restricted.stock.htm
This is a lawyer, who claims to be able to lift restrictions, Please do your own due diligence on him, I have not used him, and do NOT endorse in any way his services.

http://www.sec.gov/investor/pubs/rule144.htm
This link is to the sec site, it explains in depth what rule 144 (reg s restriction) is, in a nutshell, you need a transfer agent to lift the "legend" on the cert (a lawyer would assist you in that) then, there are certain conditions regarding the trading volume which must be met.

http://www.answers.com/topic/rule-144-1

This link talks further about rule 144, more specifically it states "Brokers may sell restricted, unregistered and control securities, but on an 'agency' basis only. They may sell them, but can't solicit a buy order." So beware anyone offering some kind of buy back deal!

http://www.google.com/search?hl=en&q=rule+144

Finally, here is the google link, where the above links and more can be found.

Good luck!

 

[yaphoo]

If you haven't received a certificate, i suggest you demand one before you entertain any more conversations with the brokers or advisors about further business, then once you have that, you can see what steps you need to take to be able to sell your stock.
Regarding the sale of restricted stock, see the links below.

We have only the paper stock certificate, and already contact an Attorney he send us the form 144.
To complete the form we requested some information from the intersecurity , but they reply that we have to meet conditions under rule 144k !!

Any suggestion what to do?

Thanks

 

[looker1]

We have only the paper stock certificate, and already contact an Attorney he send us the form 144.
To complete the form we requested some information from the intersecurity , but they reply that we have to meet conditions under rule 144k !!

Any suggestion what to do?

Thanks

Firstly, I trust you are using an independant lawyer? I know that sounds obvious, but do not use a lawer recommended by the advisory firm.
Secondly, is the company publicly traded yet? if it is, then you can work out weather your stock and the company trading complies, if it isnt listed on an exchange, then you have a worthless peice of paper because there is no market, so even if you lifted the restriction there would be no-one to sell it to!
So, Is the company you hold stock in,

a. publicly traded?
b, if so, what exchange in which country?
c, what is the the ticker symbol?
d, how many shares do you have?

With that information, its then possible to calculate if you can comply with rule 144, if you can all you need to do is request from the issuer for the restriction to be lifted, and you can sell.

 

[yaphoo]

Firstly, I trust you are using an independant lawyer? I know that sounds obvious, but do not use a lawer recommended by the advisory firm.
Secondly, is the company publicly traded yet? if it is, then you can work out weather your stock and the company trading complies, if it isnt listed on an exchange, then you have a worthless peice of paper because there is no market, so even if you lifted the restriction there would be no-one to sell it to!
So, Is the company you hold stock in,

a. publicly traded?
b, if so, what exchange in which country?
c, what is the the ticker symbol?
d, how many shares do you have?

With that information, its then possible to calculate if you can comply with rule 144, if you can all you need to do is request from the issuer for the restriction to be lifted, and you can sell.

So we get the information from an independent lawer even the online broker they suggested don't trade their stock because OTC Stock!!
a. USOTC : NBB also in the pinksheet
b. USD / USA
c. IXSV
d. the shares are full paid at October 21, 2005 !!

But they told us as mentioned before we have to follow the Rule 144 (subsection "K") and it sets forth rules for sales of restricted stock held for 2 years!!
Can we request the issuer NOW to remove the Legend?!!

 

[looker1]

So we get the information from an independent lawer even the online broker they suggested don't trade their stock because OTC Stock!!
a. USOTC : NBB also in the pinksheet
b. USD / USA
c. IXSV
d. the shares are full paid at October 21, 2005 !!

But they told us as mentioned before we have to follow the Rule 144 (subsection "K") and it sets forth rules for sales of restricted stock held for 2 years!!
Can we request the issuer NOW to remove the Legend?!!

You can request to the issuer to remove legend, if you state you have been mis-sold, they may well oblige.

if you go to nasdaq.com, this comes up for the stock,

IXSV INTERSECURITY HOLDINGS CORP | IXSV
Portfolio Tracking Ticker Alerts
News Price
Charts Company
Financials

Nov. 21, 2006 Market Closed
Common Stock Market : Other OTC

Last Sale $ 5
Change Net / % unch
Best Bid / Ask N/A / N/A
1y Target Est: N/A
Today's High / Low N/A / N/A
Share Volume 0
50 Day Avg. Daily Volume N/A
Previous Close $ 5
52 Wk High / Low $ 7 / $ 0.85
Shares Outstanding N/A
Market Value N/A
P/E Ratio N/A
Forward P/E (1yr) N/A
Earnings Per Share N/A
Annualized Dividend N/A
Ex Dividend Date N/A
Dividend Payment Date N/A
Current Yield N/A
Beta -2.73

Not good at all, even if you lifted the restriction, who are you going to sell it to? there are no buyers unfortunatly, no bid and no ask, yesterday the ask was about 5 and the bid was 2.35, far too wide.
The fact there is no volume, (buyers or sellers) means you have been led up the garden path 2 times over i'm afraid because even if you lift the restriction, which is worth persuing fo r the future, there is no way you could comply with rule 144 subsection k, because there is no volume to comply with a percentage of.
Request from the issuer to have the restriction lifted, not from the broker you bought it from! they will only try to sell you more or something else! once its lifted, as soon as you see some reasonable volume, then you can look at how to sell, I warn you now though, the stock will probably only be worth pennies when you get there.

 

[yaphoo]

You can request to the issuer to remove legend, if you state you have been mis-sold, they may well oblige.
.
.
.

Not good at all, even if you lifted the restriction, who are you going to sell it to? there are no buyers unfortunatly, no bid and no ask, yesterday the ask was about 5 and the bid was 2.35, far too wide.
The fact there is no volume, (buyers or sellers) means you have been led up the garden path 2 times over i'm afraid because even if you lift the restriction, which is worth persuing fo r the future, there is no way you could comply with rule 144 subsection k, because there is no volume to comply with a percentage of.
Request from the issuer to have the restriction lifted, not from the broker you bought it from! they will only try to sell you more or something else! once its lifted, as soon as you see some reasonable volume, then you can look at how to sell, I warn you now though, the stock will probably only be worth pennies when you get there.

Should we write intersecurity through an lawer or we write them direct ?
In which form should the letter be? in other words give an example because we are not native speaker you know !!
We would be grateful for your information.
thanks

 

[looker1]

Should we write intersecurity through an lawer or we write them direct ?
In which form should the letter be? in other words give an example because we are not native speaker you know !!
We would be grateful for your information.
thanks

I would suggest initial contact direct from yourselves, something along the lines of,

Dear ______

I currently hold ____ shares of _____ which I understand are resticted under rule 144, I gather it is possible to lift such restriction upon request, could you please inform me of the current status with this stock and process involved regarding the lifting of said restriction.

Ensure that you send with any letter a copy (not original) of BOTH sides of the certificate, along with the original trade invoice you were sent by the broker.
If they need any more information, they will ask for it, tell them you are not native english speakers and they should cut down on any complicated wording for you, it is in there interest to help you as they do make a little money out of these things.

Good luck!

 

[yaphoo]

I would suggest initial contact direct from yourselves, something along the lines of,

Dear ______

I currently hold ____ shares of _____ which I understand are restricted under rule 144, I gather it is possible to lift such restriction upon request, could you please inform me of the current status with this stock and process involved regarding the lifting of said restriction.

Ensure that you send with any letter a copy (not original) of BOTH sides of the certificate, along with the original trade invoice you were sent by the broker.
If they need any more information, they will ask for it, tell them you are not native english speakers and they should cut down on any complicated wording for you, it is in there interest to help you as they do make a little money out of these things.

Good luck!

Thank you Looker
You said " I gather it is possible to lift such restriction upon request " where is the source for that?!

 

[looker1]

Thank you Looker
You said " I gather it is possible to lift such restriction upon request " where is the source for that?!

The reason i put that in there is that it is possible in a lot, but not all cases to lift the restriction, if the transfer agent beleives you have sought advice from a lawyer for example, and he thinks you know it can be lifted, he is less likely to just say he cant help you and hope you will go away. The number of variables regarding any specific stock, company or cert are huge, I suggest you submit a letter along the lines of what i said, post the results, and go from there, thats how i have done it in the past.

 

[yaphoo]

The reason i put that in there is that it is possible in a lot, but not all cases to lift the restriction, if the transfer agent beleives you have sought advice from a lawyer for example, and he thinks you know it can be lifted, he is less likely to just say he cant help you and hope you will go away. The number of variables regarding any specific stock, company or cert are huge, I suggest you submit a letter along the lines of what i said, post the results, and go from there, thats how i have done it in the past.

I mean should i point out that is in the rule 144 maybe or another Law that i have the right for my Request!!

 

[looker1]

I mean should i point out that is in the rule 144 maybe or another Law that i have the right for my Request!!

It is not stated specifically in rule 144, nor in any other law, however this is how i once got a restriction lifted on some stock, and that is what i wrote and it got me what i needed.
send the letter, when you have got a response, post it, then it will be possible to see what to do from there.
I am not a qualified lawyer in this matter, all i am putting here is what i did that was sugested by someone with a similar problem, get some dialogue going with them and then take it from there

 

[yaphoo]

It is not stated specifically in rule 144, nor in any other law, however this is how i once got a restriction lifted on some stock, and that is what i wrote and it got me what i needed.
send the letter, when you have got a response, post it, then it will be possible to see what to do from there.
I am not a qualified lawyer in this matter, all i am putting here is what i did that was sugested by someone with a similar problem, get some dialogue going with them and then take it from there

until now i didn't get any response from Intersecurity or from their transfer agent !
What to do now?!!

Can you tell me which experience did you made with the another stock was it Inertsecurity?

 

[looker1]

until now i didn't get any response from Intersecurity or from their transfer agent !
What to do now?!!

Can you tell me which experience did you made with the another stock was it Inertsecurity?

It can take a little while, the stock i had, and this is going back a while, was essm and biop, bought from Hudson international i guess around 6 years ago.
As i say, it can take a while, these people do a lot of things apart from just lift restrictions, call them too if needs be, but this isnt a 5 minute job!

 

[harryhound]

Further to my initial posting at the start of the month re "Which?" warning and request for victims to get in touch. The latest issue of the magazine (December) has almost a full page featuring a fellow "of a certain age" (like me) who is prepared to explain how he lost 5k investing in "Regulation S" shares (These are junk (?) shares that are too risky to be sold in the USA but can be pushed to foreigners like us. They are explained in more detail elsewhere on this site.)
Regulation S shares come with the secondary scam of a smooth talking lawyer contacting the victim and offering to take up their case and petition to have the shares made freely tradeable.

The report also highlights the situation of "Theresa" who seems to have invested her 150K inheritance with Langley Advisory, supposedly based in Switzerland.

Did we all pick up on the Chatham House report on one of Nigeria's major invisible exports ?
Advance fee (419) and other similar criminal scams and cons.

http://news.bbc.co.uk/1/hi/business/6163700.stm

It is a global economy of 6 - 7 billion people out there. Most of them have no social security and they live in countries where the social structures are breaking down, any traditional mores are going out of the window; so don't expect them to treat you like a Sunday school pupil.

Harry