Boiler Room Scams

[Lee Shepherd]

Another thing to bear in mind- Just because a firm is FSA regulated it does not mean they are clean. a number operate with the sole intention of peddling companies of little value as a way of earning commision & revenue. Always demamd a track record of co.s they have given advice for should you ever be tempted to do business with them. However, I don't think selling AIM listed co.s is proving very lucrative given the adverse conditions in the stock markets- the big area many have recently been looking into is land-broking and some of this is PURE SPANK- this industry is not even regulated so TREAD REALLY CAREFULLY, even if alot of general stats they throw at you seems logical, the actual land they are selling is not legitimate ie. it could be land not in existence in terms of it being free for sale, green belt sites, again research the co. and the BACKGROUNDS of the directors

Hi nikkigirl,

Just out of interest can you name ONE company that is FSA registered that is, in your words 'clean' as I'm not sure what your getting at here.

Just one company that is FSA registered will do.

Thanks.

 

[nikkigirl]

Hi nikkigirl,

Just out of interest can you name ONE company that is FSA registered that is, in your words 'clean' as I'm not sure what your getting at here.

Just one company that is FSA registered will do.

Thanks.

So people will stop getting pedantic and instead try to grasp the bigger picture, let me rephrase by clean- I mean realtively sound, as if the co. underwent an investigation into the performance of their client's portfolios they would reach certain minimum standards. W ith some co.s hardly anything they recommend ever performs- and this is not just a sample of clients who are unfortunate to make the decision to invest in something that does not turn out to have a payoff, its the case that literally no client can ever make money, rather massive losses are on the cards. I just wanted to make sure people are not just wary of overseas co.s but also so called FSA Registered co.s!

 

[ArrEnn]

swiss management consulting

--------------------------------------------------------------------------------

Hi Guys,
Anyone ant info on a company called Swiss management consulting, located in Zug. Suspect they too are a boiler room!!!!!!!!!!!!!!!!
Also any info on the following shares:
NXGB
GMVP
ITNS
SEYR
NHSP

Any up to date info would be gratefully recieved

If you look on the Pink Sheets, US Website, you'll see all these mentioned. The Pink Sheets indicate companies where tradeable value / tradeable market is extremely marginal at best, in most cases

 

[Lee Shepherd]

So people will stop getting pedantic and instead try to grasp the bigger picture, let me rephrase by clean- I mean realtively sound, as if the co. underwent an investigation into the performance of their client's portfolios they would reach certain minimum standards. W ith some co.s hardly anything they recommend ever performs- and this is not just a sample of clients who are unfortunate to make the decision to invest in something that does not turn out to have a payoff, its the case that literally no client can ever make money, rather massive losses are on the cards. I just wanted to make sure people are not just wary of overseas co.s but also so called FSA Registered co.s!

So you haven't named one!!!!!!!

Thats all I asked.

It would seem that what you're getting at is not scam based but performance based. In the world of business this would be hard to judge as there is always an element of risk, good company records (previous or not) and bad.

FSA registered companies have been vetted and give the U.K citizen a certain level of monetary protection, under U.K law, gives a maximum protection. However, companies that are not registered or that have been denounced by the FSA have no protection other than that of international law and this is where it gets tricky.

Like I said, name just one company that is on the FSA register that is scam based.
Until that time, FSA registered gives the U.K citizen the maximum protection against being scammed, losing money is another story. If it's legal, its registered, if it's not, dont invest your money...Its that simple.

 

[nikkigirl]

So you haven't named one!!!!!!!

Thats all I asked.

It would seem that what you're getting at is not scam based but performance based. In the world of business this would be hard to judge as there is always an element of risk, good company records (previous or not) and bad.

FSA registered companies have been vetted and give the U.K citizen a certain level of monetary protection, under U.K law, gives a maximum protection. However, companies that are not registered or that have been denounced by the FSA have no protection other than that of international law and this is where it gets tricky.

Like I said, name just one company that is on the FSA register that is scam based.
Until that time, FSA registered gives the U.K citizen the maximum protection against being scammed, losing money is another story. If it's legal, its registered, if it's not, dont invest your money...Its that simple.

OK Lee,

I do see your point, about FSA registration allowing protection but there are brokers which are FSA registered who are known to literally encourage clients to invest in companies that do not have a hope in hell of growing, so the investor will never see a so-called upside on their holding. For a number of reasons I can't give a bad name to any particular brokerage in existence, but if you look at small cap specialist brokerages that have been heavily fined or gone into administration eg. Pacific Continental, Square Mile- they followed the practices I have outlined, shockingly wide & dishonest and most importantly disguised the high risk nature of the stocks. Part of the problem is that the word high risk can be used by a brokerage to sell any old s**t ie. they 'll turn around and say we never promised this stock would perform, but at the time they did their best to convince you of the 'strong fundamentals' behind it, after so much research- they know its c**p well before putting it in front of their clients.

I know this is very round about and its probably p*ssing you of I can't be more specific, but look at it this way- Pacific Continetal & Square Mile were once FSA registered fully operational co.s, yet most clients have lost their life's assets with them seen no real value in their stocks, FSA have found their working methods to be wholly unacceptable ie. these co.s lie left, right and centre to get you to part with your cash. Unfortunately the level of compensation will be p**s poor for these clients. All in all there are more small cap brokers operating along similar, or just about marginally better lines than Pacific Continetal & Square Mile- it pretty much is a scam as in you REALLY WOULD NOT WANT to invest with them- yet these co.s may well never be fined so with a seemingly LEGITIMATE business. In the end though, the clients end up being the 'Mugs'.
Watch out for small cap/IPO specialists!!

 

[j1ball]

Just to let everyone know who read my posts about my father-in-law investing with a boiler-room operation called Tricontinental Capital Corp. Well I rang the people up and spoke to a Phil Westlake, the MD, and asked him some questions about his company and how it works. When he sensed that I was asking the questions out of suspicion, he was keen to point out that the attorny for his company was none other than the Attorny General of Panama, where Triconinental Capital Corp are incorporated.
I looked into this and discovered that many of these boiler rooms manage to employ public officials in Panama to act as the respectable front for their scams, Panama is rife with these bent operations, and appear to be rife with bent officials.
When I presented this information to my father in law, he finally decided not to invest.
Success!

 

[si1503]

I am suprised this **** still goes on, better off taking your 10,000 and sticking it in Lehman Brothers, you have about the same odds of getting your money back.

 

[anley]

Just to let everyone know who read my posts about my father-in-law investing with a boiler-room operation called Tricontinental Capital Corp. Well I rang the people up and spoke to a Phil Westlake, the MD, and asked him some questions about his company and how it works. When he sensed that I was asking the questions out of suspicion, he was keen to point out that the attorny for his company was none other than the Attorny General of Panama, where Triconinental Capital Corp are incorporated.
I looked into this and discovered that many of these boiler rooms manage to employ public officials in Panama to act as the respectable front for their scams, Panama is rife with these bent operations, and appear to be rife with bent officials.
When I presented this information to my father in law, he finally decided not to invest.
Success!

Success, pehaps. But I still think the scammers won't give up your father in law as he's obvioulsy sent a load of money to them over the years and hasn't clicked yet that he's had it stolen, a perfect customer of a boiler room.

If I were you I'd keep on at him about being aware of these types of people, also I'd get him to properly audit his existing shareholdings so he can see for himself how much they're worth, ie worthless.

Good luck.

 

[smalldozer]

A gentleman( I use that term loosely) called me about some shares, his name was Liam Robinson and he said he worked for Swiss management consulting based in Zug. At this point he website worked. Called me several times and eventually persuaded me to buy shares in a company SEYR for approx £1600, then reapeated called with other shares and persuaded me to invest. I also spoke to an Andrew and a James Archer. His secretary was Jill JAMESON and they were supposedly operating from the Zug address. They then over the course of 10 months sold me shaers in the other companies. Not sure what other kind of details you would like, any help would be appreciated on this matter.
Thanks Sheree

"Legendary member" Lee has subsequently commeted, apparently conclusively. He writes about foreign companies (allowing for his spelling challenges) and is well-intentioned and, I think, informed. However, I don't know how he can be so sure about Swiss Management Consulting, although, in principle, I agree with everything he's written. It's not a foreign firm for me and I did a 'reccy' on SMS last week. Next Tuesday or Thursday I'll have a few spare minutes to drop in. I'll use your information. Let me know if you have more by Monday evening.

Most boiler rooms probably couldn't pass a 'reccy.' SMS did. That says nothing about their legitimacy. FSW/Creston would also have passed a 'reccy.' Anyone here a victim?

 

[peto]

"Legendary member" Lee has subsequently commeted, apparently conclusively. He writes about foreign companies (allowing for his spelling challenges) and is well-intentioned and, I think, informed. However, I don't know how he can be so sure about Swiss Management Consulting, although, in principle, I agree with everything he's written. It's not a foreign firm for me and I did a 'reccy' on SMS last week. Next Tuesday or Thursday I'll have a few spare minutes to drop in. I'll use your information. Let me know if you have more by Monday evening.

Most boiler rooms probably couldn't pass a 'reccy.' SMS did. That says nothing about their legitimacy. FSW/Creston would also have passed a 'reccy.' Anyone here a victim?

There's dozens of reputable stockbrokers selling tens of thousands of listed and fully tradeable stocks and shares on recognised exchanges throughout the world.
Why waste your time "reccy-ing" some uncertain outfit selling restricted shares(or probably worthless paper) with cold-calls?

 

[anley]

Believe that you want everyone but Swiss management Consulting is an out and out boiler room. It shouldn't take people more than 5 minutes to understand this. Same with FSW and Creston. No wonder people are losing fortunes to these 'companies' if they can't easily see that these firms are all pretty much scams.

And as Peto rightly points out, why even bother getting involved in brokerage companies which aren't well known brand names.

 

[mja01]

So someone pops up on this thread for the first time and offers to 'help'.

As I said everyone beware of the DOUBLE CON.

First they scam you by selling worthless shares then another 'company' (it will be the same people) call up offering to help. That con is known as the 'advance fee' and you'll be asked to pay money so big profits can be made.

For example, you bought £10k of ABC shares but then realised you'd been scammed. 6-12 months later you get a call saying your shares are now worth £35k because some 'hedge fund' wants to make a bid for the company. BUT before you can get your hands on the £25k in profits you'll need to post a bond for say £5k. And guess what, you won't see the £5k again, nor will you see any profit on the original shares.

BE ON YOUR GUARD EVERYONE. Don't let these scamming scum take you for a second time..............

PS. If you're unsure what to do post on this board and we'll give you good advice, or send me a personal message.

Thanks for the warning I was just hoping to share some good news but you were right it did turn out to be a double con. As far as I can see - even posing as a potential client of ATS - there is no way this company exists, although the web site has stayed up (unchanged) for a while.:idea:

 

[boilerroomscam]

Boiler Room Scam - Stock Scam

Yes:|
With increasing of victims number, stock price and shares amount they increase up the number of the shares into the fake company

If someone can explain something to me, being a Newbie, with the offer of Galaxy Minerals.

At the weekend there were approx 60,000 shares (12/03/05) this is now just over 600,000 (14/03/05) - are there a lot of people falling for a scam and a lot of Boiler Rooms working with the same information or is it a good report on mineral finds?

PS Trendie - I await any info you may have.

 

[anley]

Thanks for the warning I was just hoping to share some good news but you were right it did turn out to be a double con.

Of course it turned out to be a double scam.

Good news that you passed :cheesy::cheesy:

 

[anley]

If someone can explain something to me, being a Newbie, with the offer of Galaxy Minerals.

At the weekend there were approx 60,000 shares (12/03/05) this is now just over 600,000 (14/03/05) - are there a lot of people falling for a scam and a lot of Boiler Rooms working with the same information or is it a good report on mineral finds?

PS Trendie - I await any info you may have.

Don't even bother working things out, pretty much all you read and are told will have been either made up or is an illusion of some sort.

Just realise one thing, if you or anyone else gets involved in buying these types of stocks there is only one result - losses.

It's time for people to realise that it's critical NOT to get involved in things you don't understand or cannot easly explain.

If you want to make money in the markets you've first got to understand what's going on including ALL the tricks and games that are played. Then, with that knowledge you can go about making some money, which is never guaranteed anyway.

But if you don't take the time to learn then there's probably a 90% chance that you'll lose money or people will legally and illegally skim and scam your money until there's little left.

 

[sheree]

"Legendary member" Lee has subsequently commeted, apparently conclusively. He writes about foreign companies (allowing for his spelling challenges) and is well-intentioned and, I think, informed. However, I don't know how he can be so sure about Swiss Management Consulting, although, in principle, I agree with everything he's written. It's not a foreign firm for me and I did a 'reccy' on SMS last week. Next Tuesday or Thursday I'll have a few spare minutes to drop in. I'll use your information. Let me know if you have more by Monday evening.

Most boiler rooms probably couldn't pass a 'reccy.' SMS did. That says nothing about their legitimacy. FSW/Creston would also have passed a 'reccy.' Anyone here a victim?

Thanks,. I appreciate any help given, at the end of the day where would we be without hope.

 

[Hoggums]

Thanks,. I appreciate any help given, at the end of the day where would we be without hope.

Facing reality.

 

[Aggie]

Has anyone heard if Maganura Merges and acquisitions still excist and if they were orginally Priority Venture Mgmt and if anyone has reported them.

 

[smalldozer]

Thanks,. I appreciate any help given, at the end of the day where would we be without hope.

Sheree,

It was quite touching to read the responses of a few "esteemed" posters about their concern for how I spend my time. I mentioned that, two days a week, I visited the building where SMC claimed address. Frankly, it took far less time for me to use the elevator from Floor 1 to Floor 3 of Baarerstrasse 63, 6300 ZUG, Switzerland, than it took them to write their unhelpful postings.

SMC has, however, flit the nest. I tried to drop in but they'd just flit. Within the last few days the other signs (nameplates, post box, lift signs, &c) have also been removed. It was fairly well-established in the building which, itself, is in a reasonably prestigious location.

Swiss Management Consulting now appears on the SFBC website SFBC - Public announcements as an unauthorised firm as well as FSA's. Their public website no longer works. The trouble, I find, after long experience, is that the regulators belatedly catch up with these scammers. It does nothing to help people now, only later, when, maybe, they've run into problems.

Bravo for BBs like this that can raise issues BEFORE the pussy-footed regulators can take action. Please, let's keep the action directed at the scumbags rather than patronising fellow posters. And share concerns early rather than post regrets.

kibu

 

[ADRIAN123456]

Has anyone been contacted by " GOTTHARD Capital Partners " operating out of Tokyo?
Gotthard is in Switzerland. When i google Them i get nothing. Their scam is to redeem worthless shares I unfortunately have in " Australia Forest Industries " sold to me by Martin Hendrick of Intersecurities in Frankfurt Germany in 2005.