Boiler Room Scams

[jblonde]

Good luck with the book mate, but consult a good defamation solicitor before you go to print. I've just been revising defamation for my upcoming exams, and the English law on defamation is, as you will probably know, very, very claimant friendly. If you are found guilty of just one of the many suits they bring (and you might get sued by everyone you accuse) then it will be enough to ruin you, and all the money will be going into their pocket- if you accuse someone of being involved in the perpetration of fraud when you actually can't prove that they are then damages award is likely to be in six figures- even if the jury only award nominal damages you may still be stuck with the other side's legal costs.

Remember that if you are sued for defamation then once it is decided that your words are defamatory (i.e. they lower the reputation of the claimant in the eyes of right thinking people. And accusing someone of fraudulent conduct does this) then the court will assume that the words are untrue, and you will have to convince a jury that they are true. Have you thought about the evidentiary hurdles you will need to overcome in doing this? Do you have, credible, people who are willing to get up on the stand in the High Court and say, "That man is engaged in the perpetration of fraud" about all of the people you will be accusing of such activity. A lot of the time whistleblowers and such are unwilling or unable to make an appearance in court.

Bold statements and challenging people to sue is a dangerous game, and with the greatest respect it's a game which only those with very deep pockets (e.g. newspapers) can play.

In reply to your warning about a coming book revealing fraudsters,,,if they are not regulated by the fsa they are guilty of fraud!!!! I am launching a website hopefully soon and I do Hope I recieve communications from any fraudsters to seek defamation, then I know exactly WHO and WHERE they are and that indeed will be the last thing they will be capable of doing legally...get real please..These people? are the scum of the earth and deserve a lot more than they get at the moment especially in the uk..They are on a par with paedofiles and the taste in my mouth for advise like yours is bitter..There is NO chance of any court action by thieves...NONE!!!!!

 

[jthetrader]

In reply to your warning about a coming book revealing fraudsters,,,if they are not regulated by the fsa they are guilty of fraud!!!! I am launching a website hopefully soon and I do Hope I recieve communications from any fraudsters to seek defamation, then I know exactly WHO and WHERE they are and that indeed will be the last thing they will be capable of doing legally...get real please..These people? are the scum of the earth and deserve a lot more than they get at the moment especially in the uk..They are on a par with paedofiles and the taste in my mouth for advise like yours is bitter..There is NO chance of any court action by thieves...NONE!!!!!

OK, well don't say you weren't warned. You don't need to do much, as a claimant, to win a defamation suit, and you are planning to defame these people. I'm just saying that it's advisable to make sure you can prove the truth of every assertion you make about people. Of course, this assumes that these people will use lawful means to punish you, I wouldn't want to be the one to take them on. If these guys are operating in Spain then there is no way they aren't linked to the ex-pat gangsters there, what do you think they are going to do when you start pointing the finger at them and jeopardising their nice little earner?

They are not on a par with paedophiles, paedophiles, or child molesters rather (anyone with a sexual attraction to pre-pubescent children is a paedophile) target people who don't know any better and who can't defend themselves. Boiler room scammers target greedy people, let's not pretend otherwise. They don't call up offering 6% a year do they?

 

[jblonde]

OK, well don't say you weren't warned. You don't need to do much, as a claimant, to win a defamation suit, and you are planning to defame these people. I'm just saying that it's advisable to make sure you can prove the truth of every assertion you make about people. Of course, this assumes that these people will use lawful means to punish you, I wouldn't want to be the one to take them on. If these guys are operating in Spain then there is no way they aren't linked to the ex-pat gangsters there, what do you think they are going to do when you start pointing the finger at them and jeopardising their nice little earner?

They are not on a par with paedophiles, paedophiles, or child molesters rather (anyone with a sexual attraction to pre-pubescent children is a paedophile) target people who don't know any better and who can't defend themselves. Boiler room scammers target greedy people, let's not pretend otherwise. They don't call up offering 6% a year do they?

That conclusion makes me wonder about you, trying to increase you reserves for retirement..you call greed? That sir is the thinking of an immature mind..the term buffoon comes to mind...

 

[jthetrader]

That conclusion makes me wonder about you, trying to increase you reserves for retirement..you call greed? That sir is the thinking of an immature mind..the term buffoon comes to mind...

Thinking someone is just going to give you an opportunity to make a massive return when there is no prior relationship between the two of you, someone you've never actually met in person, someone who isn't FSA registered......what sort of thinking is that?

 

[jblonde]

Thinking someone is just going to give you an opportunity to make a massive return when there is no prior relationship between the two of you, someone you've never actually met in person, someone who isn't FSA registered......what sort of thinking is that?

look this forum is not about you sounding off..most people here have made a dreadful mistake in their lives..that dosent make them stupid..it just means they were defrauded and here we learn about how to rectify that mistake ...not to pontificate..so thats enough said....

 

[jthetrader]

look this forum is not about you sounding off..most people here have made a dreadful mistake in their lives..that dosent make them stupid..it just means they were defrauded and here we learn about how to rectify that mistake ...not to pontificate..so thats enough said....

Me sounding off? You called me immature, after I had tried to give you some friendly advice. I tried to explain to you that your project could lead you into legal trouble, you seem to think they won't sue, fine, but you're taking a risk.

Most people on this forum are not victims of boiler room fraud, or any other sort of fraud, they are traders, or people with an interest in markets. They want to make a bit of money by trading, and they certainly would not trust anyone offering returns for doing nothing. I have never been conned out of a lot of money but I've surely put more money into gambling machines than I've taken out and I once ended up with a very obviously fake £5 note given to me as change at a shop, they refused to take it back (claiming it wasn't theirs).......so to that extent I am an idiot and have no problem admitting it.

I feel sorry for you and hope you get your money back, but you must recognise with hindsight that it was foolish to do what you did, that is all I'm saying. We are all blinded by greed (or whatever you want to call a desire to receive well above average returns on our money without doing any work for it), from buying lottery tickets (which I do, and have yet to make a penny back on it), to putting money into gambling machines or playing poker with people more skilled than ourselves. Something for nothing is a very common human desire, but I don't think you can fairly compare someone who gets ripped off buy a boiler room to a child getting abused. Can you really say that there is nothing you could have done to avoid getting scammed? Yes, you could have slammed down the phone on them. Can a three year old whose father or uncle or teacher rapes them say they could have avoided it? Not really.

 

[jblonde]

Me sounding off? You called me immature, after I had tried to give you some friendly advice. I tried to explain to you that your project could lead you into legal trouble, you seem to think they won't sue, fine, but you're taking a risk.

Most people on this forum are not victims of boiler room fraud, or any other sort of fraud, they are traders, or people with an interest in markets. They want to make a bit of money by trading, and they certainly would not trust anyone offering returns for doing nothing. I have never been conned out of a lot of money but I've surely put more money into gambling machines than I've taken out and I once ended up with a very obviously fake £5 note given to me as change at a shop, they refused to take it back (claiming it wasn't theirs).......so to that extent I am an idiot and have no problem admitting it.

I feel sorry for you and hope you get your money back, but you must recognise with hindsight that it was foolish to do what you did, that is all I'm saying. We are all blinded by greed (or whatever you want to call a desire to receive well above average returns on our money without doing any work for it), from buying lottery tickets (which I do, and have yet to make a penny back on it), to putting money into gambling machines or playing poker with people more skilled than ourselves. Something for nothing is a very common human desire, but I don't think you can fairly compare someone who gets ripped off buy a boiler room to a child getting abused. Can you really say that there is nothing you could have done to avoid getting scammed? Yes, you could have slammed down the phone on them. Can a three year old whose father or uncle or teacher rapes them say they could have avoided it? Not really.

Shut the **** up prick

 

[I-Hate_boiler_rooms]

Shut the **** up prick

I think your comment went to far!
It is correct to some extend that we are driven by greed, but it wasn't the only factor. I am sure there are lots of victims on this board too and I further assume to a great extend it was missing knowledge about those sharks out there fishing for prey/ victims.

Yes, it certainly is/was a very painful lesson for many of us victims and I can assure you no such shark will get me ever again! And most important for all victims there are ways to get money back, but the work/ time involved does only pay off if you lost at least a six digit number. Else, however painful it might be for the individual write it off as hard lesson learned and put all your efforts into working up the loss and dedicate your time better to your family.

Know it by experience

 

[jthetrader]

I think your comment went to far!
It is correct to some extend that we are driven by greed, but it wasn't the only factor. I am sure there are lots of victims on this board too and I further assume to a great extend it was missing knowledge about those sharks out there fishing for prey/ victims.

Yes, it certainly is/was a very painful lesson for many of us victims and I can assure you no such shark will get me ever again! And most important for all victims there are ways to get money back, but the work/ time involved does only pay off if you lost at least a six digit number. Else, however painful it might be for the individual write it off as hard lesson learned and put all your efforts into working up the loss and dedicate your time better to your family.

Know it by experience

I don't know what I did to upset him, all I said was that his comparison between what a boiler room con artist does and what a child abuser does was incorrect. I didn't trivialise what has happened to victims of boiler rooms.

 

[ahgoodtimes]

I beleive that you were scammed by a company posing as Global Equities Direct Llc.

I too handed money over for the purchase of FaceBook Pre IPO.

I would love to know what procedure you went through to compare the 2.

e.g.
Did you send the monies to there bank account?
Did you receive any documentation such as a FaceBook Certificate?
etc

Could you get back to me ASAP

Regards

Richard

Hello guys,

I'm a guy from Belgium and I have been scammed by "Global Direct Equities LLC".
www.globaldirectequities.com

I paid 5250 USD for 150 Facebook shares @ 35 USD for the IPO offering.

I had contact with two guys, Paul Young and Kevin Mulholland.

They seemed trustworthy and I have send me a link to check the company:
with the Financial Industry Regulatory Authority.

***Finra***
Financial Industry Regulatory Authority Go to the following link: FINRA - List of Members - G

I just checked their domain name and it has been registerd in February 2012 in the Philippines.
The address for Global Direct Equities LLC on the finra.org website isn't the same as the address on their website so I guess they used the name of the real broker company to mislead people.

This is the address underneath their mails:

Paul Young
Junior Consultant
Global Direct Equities LLC.
61 BROADWAY - SUITE 1915, NEW YORK, NY 10006 Contact Number: +1 347 201 9594 [email protected] www.globaldirectequities.com


Is there something I can do or can I say goodbye to my money?

Thank you in advance for your reply


Best regards

 

[friday76]

In reply to your warning about a coming book revealing fraudsters,,,if they are not regulated by the fsa they are guilty of fraud!!!! I am launching a website hopefully soon and I do Hope I recieve communications from any fraudsters to seek defamation, then I know exactly WHO and WHERE they are and that indeed will be the last thing they will be capable of doing legally...get real please..These people? are the scum of the earth and deserve a lot more than they get at the moment especially in the uk..They are on a par with paedofiles and the taste in my mouth for advise like yours is bitter..There is NO chance of any court action by thieves...NONE!!!!!

We look forward to your revelations about their workings and their methods. I can certainly help you in that regard, please send a PM. Dont be fooled by their audacity, they are just ordinary people that have lost their way, enticed by a pot of gold in the Spanish sunshine. They do however have internet resources to call upon, and ocassionally send out malware to disable your computer and even try to take it over. They are experts in blocking callers and disable you from visiting sites. They certainly have a trick up their sleeve, but you have to be ahead of them, and don't hold back. They realise what they can 'earn' and they will stop at nothing (they havent got violent YET).

Back to the present. Pinnaclefgroup.com are on the FSAs banned list yet they continue to ply their wares, they are taking calls as of 2 days ago, but they are illegal. Authorities seem anaesthetised by them - it is up to everyone to stand up and be counted. I recommend everyone to ring their number 0845 528 0031 (redirected to Logrono, Spain) and ring them and their website out of existance. Put the privacy prefix in front so they dont know who is calling them (just like they do).

friday76

 

[friday76]

Hello guys,

I'm a guy from Belgium and I have been scammed by "Global Direct Equities LLC".
www.globaldirectequities.com

I paid 5250 USD for 150 Facebook shares @ 35 USD for the IPO offering.

I had contact with two guys, Paul Young and Kevin Mulholland.

They seemed trustworthy and I have send me a link to check the company:
with the Financial Industry Regulatory Authority.

***Finra***
Financial Industry Regulatory Authority Go to the following link: FINRA - List of Members - G

I just checked their domain name and it has been registerd in February 2012 in the Philippines.
The address for Global Direct Equities LLC on the finra.org website isn't the same as the address on their website so I guess they used the name of the real broker company to mislead people.

This is the address underneath their mails:

Paul Young
Junior Consultant
Global Direct Equities LLC.
61 BROADWAY - SUITE 1915, NEW YORK, NY 10006 Contact Number: +1 347 201 9594 [email protected] www.globaldirectequities.com


Is there something I can do or can I say goodbye to my money?

Thank you in advance for your reply


Best regards

It all depends on when all this happened. If it happened no longer than a week ago, you might be lucky and freeze the beneficiary bank accounts via the MAREVA route. This will cost you a bit in fees, depends on how serious you are in pursuing these criminals. Here is something on Mareva:

A Mareva letter is a procedure for freezing assets that have been transferred to a beneficiaries bank, wherever that is, until resolution.

A Mareva letter places a bank on notice that they may face accessory liability in the event of transfer or disposal of assets that have been illegally transferred to fraudulent individuals.

Mareva letters have been successful , in a number of cases, in returning assets to those individuals who would have been defrauded.

You are advised to contact a solicitor or lawyer to draw up a Mareva letter if you think you have been defrauded, certainly within days of the transfer of funds taking place.

The letter requires the following information:

Name of boiler room

‘Sales person’

Beneficiary bank

Name of account

Swift code

Account number

Transaction reference number

For further information on the Mareva letter go to www.martinkenney.com/pdf/marevaletter.pdf This document basically spells out the fact that banks have a duty of care and should respond to a Mareva letter. In time this will be the default procedure. Boiler room individuals will respond to this by withdrawing funds transferred almost immediately, so don't hold your breath on this one.

However, you can apply pressure on banks in Belgium, by exposing their lack of procedures for spotting money laundering, as that is what it amounts too. If the recipients were drug barons , they would have been nipped in the bud long ago. You need to replicate the following for your banks in Belgium:

As of April 2012, none of the UK banks, (apart from HSBC Holdings) which includes Santander, RBS, Barclays, Lloyds TSB Banking Group, NationalWestminster, Northern Rock, Co-operative, Sainsburys and Tesco banks appear to have informed their customers by letter about boiler room operations. Only HSBC, Barclays and Lloyds TSB mention boiler room fraud on their websites. RBS, Santander, HSBC and NatWestminster mention 419 advanced fee fraud on their sites but most people do not equate boiler room fraud with 419 advanced fee fraud. Considering the losses experienced by their customers, banks are doing nothing to safeguard their customers against the threat of boiler room fraud. My first hand experience of this fraud involved Santander Bank.

A recent trend has been to send monies to UK based banks, rather than foreign banks in places such as Spain and USA. This is just a ploy to legitimise the transaction. If anyone has recently sent monies to a UK bank do the right thing and name the branch it was sent too.

Hope this helps anyone to recover monies lost.

friday76

 

[emilia.chidester]

"Economic Frauds" is a scam website - economicfrauds.com defrauded me of my money (thankfully not too much) and I decided to make a blog post about it, which you can read here - Economic Frauds is a scam website

There is plenty of dirt on Global Investor Alerts (their site globalinvestoralerts.com seems to be down) if you fancy doing a little bit of google research.

Please take a note that a criminal is using your web page in order to slander me and my company People Alliance LLC + my web page economicfrauds.com .

My name is Emilia Chidester
My company name People Alliance LLC see corporation wiki
My web page economicfrauds.com is set up in order to warn investors of frauds and scams.


My PHONE NUMBER
01-954-449-6235 LAND LINE


Please it is your duty to keep your page and your organization clear of criminals trying to miss-used your web page in order to commit crimes.

Regards
Emilia Chidester

 

[Ainka]

Please take a note that a criminal is using your web page in order to slander me and my company People Alliance LLC + my web page economicfrauds.com .

My name is Emilia Chidester
My company name People Alliance LLC see corporation wiki
My web page economicfrauds.com is set up in order to warn investors of frauds and scams.


My PHONE NUMBER
01-954-449-6235 LAND LINE


Please it is your duty to keep your page and your organization clear of criminals trying to miss-used your web page in order to commit crimes.

Regards
Emilia Chidester

Hi,
the same is with globalinvestoralerts.
I know this organization and I know that is not a scam. Not at all.
And that their page is not anymore to find, is because the criminals attack the
webpage.
The criminals want to cut the way, to recover back the victims money.
They even maintain own warning pages as :
Financial Scam Alerts and Global fraud alerts.
Google a little bit deeper this guy behind, and you understand about what I am talking here.
I know that for every victim ( I#m by myself one), it is difficult to distinguish between the sides. But don't do to everybody a bad reputation, because than your money is really gone.

 

[psychosis]

Anyone heard of Baker Stearns Capital. They are trying to sell me stocks in facebook. at $30/share. Max allowed is 500 shares. To be sent via an International Clearing House - Global Hedge Fund Group via Bank of Commerce, Philipines. Launch of stock 18 May.

 

[whistler_man]

Anyone heard of Baker Stearns Capital. They are trying to sell me stocks in facebook. at $30/share. Max allowed is 500 shares. To be sent via an International Clearing House - Global Hedge Fund Group via Bank of Commerce, Philipines. Launch of stock 18 May.

PLEASE don't do it!! You will get ripped!!
These IPO's are usually reserved for "acredited investors" with a net worth of 1 Million and above not including house. After you buy into the deal at a max of 500 shares, the LOADER will call you and say he is taking over your account coz the broker died or got transferred or some other **** then proceed to "load" you telling you about more shares that became available and how it's much bigger than first thought etc. It's a scam.

 

[psychosis]

PLEASE don't do it!! You will get ripped!!
These IPO's are usually reserved for "acredited investors" with a net worth of 1 Million and above not including house. After you buy into the deal at a max of 500 shares, the LOADER will call you and say he is taking over your account coz the broker died or got transferred or some other **** then proceed to "load" you telling you about more shares that became available and how it's much bigger than first thought etc. It's a scam.

I know I will definitely not do it. Just posting it up for people to know this is going around. The website is hosted in KL and was reg last june 2011 and expiring this june. I very well know this is a scam. Would not buy shares in facebook anyway. Was bored so had a chat with the fellow. They had some very convincing looking forms. They sent like 5 or six different documents. Been hanging up on him all day. Even set a nice failure message for any emails he sent my way. Went by the name of Marco Moreddi.

 

[friday76]

Anyone heard of Baker Stearns Capital. They are trying to sell me stocks in facebook. at $30/share. Max allowed is 500 shares. To be sent via an International Clearing House - Global Hedge Fund Group via Bank of Commerce, Philipines. Launch of stock 18 May.

Havent heard of them myself but you are advised to do your homework. Their site is About Baker Stearns Capital. According to the websites that log their details , their site is due to expire in about 3 weeks time. This hardly squares up with their sales talk which says ' Currently, Baker Stearns Capital’s portfolios are open to qualified investors only and ["]'who are seeking long-term returns. Also there are a lot of words like leverage, market sector etc., long on fancy words, short on substance.

You need to weigh up that their web location is in Grand Cayman and London, url registered by someone in the Far East and they are asking you to send money to the Phillipines. The fact that you were cold called (you didnt make an enquiry did you) all adds up to one thing, and I'm not going to state the obvious.

I dont care how impressive their website is, they are not to be trusted. Deal with them at your peril. You will not be covered by the fsa compensation scheme.
friday76

 

[Kannan S]

Anyone heard of Baker Stearns Capital. They are trying to sell me stocks in facebook. at $30/share. Max allowed is 500 shares. To be sent via an International Clearing House - Global Hedge Fund Group via Bank of Commerce, Philipines. Launch of stock 18 May.

I think this is a fake. My initial attempts to send email to this domain was blocked by my service provider that the domain rejected my attempts to send email. It worked later after I told the caller who called me. I became suspicious when they started using a bank in Philippines , BOC, when they should be using a local bank here in Malaysia. Anyway I felt it was not worth it to be greedy as I may lose out on my capital of usd 3000. Most pre-iPo offers are usually in the range of 50000 to 100000 stocks. Here they are making it palatable for the middle income guys to fall for their scam.

 

[friday76]

Please take a note that a criminal is using your web page in order to slander me and my company People Alliance LLC + my web page economicfrauds.com .

My name is Emilia Chidester
My company name People Alliance LLC see corporation wiki
My web page economicfrauds.com is set up in order to warn investors of frauds and scams.


My PHONE NUMBER
01-954-449-6235 LAND LINE






Please it is your duty to keep your page and your organization clear of criminals trying to miss-used your web page in order to commit crimes.

Regards
Emilia Chidester

Hi Emilia,
Its good that you are trying to protect investors, but there is a problem. Because identities are hidden we really dont know who we are dealing with.
However as you are into revelation of boiler room activity, I wold like to add to your lists. The following pass the tests for discerning a possible boiler room.

isaaccapitalmanagement.com, bakerstearns.com, bectonsecurities, falconfinanz.com, globalequitypartners.com, vine-capital.com, bloomfieldtm.com, bradleyassociates.com, campbellmassey.com and cartwrightfinancial.com.

I have mentioned pinnaclefgroup.com in a previous post. They are on the FSA's banned list, check it out yourself, so ignore them if they call you. I would also mention blueskyequity.com, not sure if these are banned , but they share the same ip address as pinnaclefgroup.com (ip 82.223.191.20), which is in Logrono, Spain. It is perfectly right to report illegal criminality in this form. Hopefully the enforcers will be able to track them down on this one piece of evidence alone.

friday76