Boiler Room Scams

[cfmchaser]

Well, that's the reason why they scam for a decade under many names!
There are surely people which were able to get their funds back but won't publish it here.read many boards and start adding facts/ information will get you there!

I've added details (bank account, the scam, names, etc) to as many boards/forum as I can to warn others. But the only stories I've heard of anyone getting money back is if you tell your bank on the same day or next day to put a stop on it. Apart from that, a lot of stories of in process of legal procedure, local enforcement looking into it, but not one sucess story of getting the funds back.

Note that I also suspect the scammers are also keeping an eye on these boards/blog/forums/etc and "threaten" the administrator/site to take down the stories with names, accounts for fear of legal action against them. The administrator usually complies. These scammers are starting to cover all bases.

 

[I-Hate_boiler_rooms]

I've added details (bank account, the scam, names, etc) to as many boards/forum as I can to warn others. But the only stories I've heard of anyone getting money back is if you tell your bank on the same day or next day to put a stop on it. Apart from that, a lot of stories of in process of legal procedure, local enforcement looking into it, but not one sucess story of getting the funds back.

Note that I also suspect the scammers are also keeping an eye on these boards/blog/forums/etc and "threaten" the administrator/site to take down the stories with names, accounts for fear of legal action against them. The administrator usually complies. These scammers are starting to cover all bases.

Cfmchaser,
You are partially right and wrong at same time! Forget the law, they know where and who they are,but do nothing as they are paid off.
Go to boiler-rooms.co.uk Sukumo Investors Association , register yourself and read http://www.boiler-rooms.co.uk/secureforum/topic.asp?TOPIC_ID=540
Than sit down and think it over which way and how far you want to go! It isn't impossible but hard work

Good luck

 

[bwayne]

I've added details (bank account, the scam, names, etc) to as many boards/forum as I can to warn others. But the only stories I've heard of anyone getting money back is if you tell your bank on the same day or next day to put a stop on it. Apart from that, a lot of stories of in process of legal procedure, local enforcement looking into it, but not one sucess story of getting the funds back.

Note that I also suspect the scammers are also keeping an eye on these boards/blog/forums/etc and "threaten" the administrator/site to take down the stories with names, accounts for fear of legal action against them. The administrator usually complies. These scammers are starting to cover all bases.

I'm afraid I have to agree, I also lost money to Fisher Capital Management. I have tried every piece of advise I have seen, reported it to every known police and governing agency known to man, reported it to the banks involved, etc etc. All I have gained is a headache. I have resigned myself to an expensive lesson and would rather spend my time warning other people and telling my story. If anyone out there has been successful in getting their money back, I would like to hear about it.

 

[MichaelC12]

knows anyone where all the guys of Morgan Finch, Mitchel Finch now do their scam ,particulary Michael KASHYN ???

Michael Shumak of Transnation Securities & Trust SA. He now is behind a licensed financial advisory in Malta. John Kim an attorney from Toronto is his proxy on the new company. Kim spends his time in Central America but Shumak plays the role of his executive assistant.

 

[pboyles]

Michael Shumak of Transnation Securities & Trust SA. He now is behind a licensed financial advisory in Malta. John Kim an attorney from Toronto is his proxy on the new company. Kim spends his time in Central America but Shumak plays the role of his executive assistant.

What's the name of the Malta outfit?

 

[Ainka]

Well, that's the reason why they scam for a decade under many names!
There are surely people which were able to get their funds back but won't publish it here.read many boards and start adding facts/ information will get you there!

Hi,
legal steps are taking time, maybe one year or two years. 'cause it is difficult to follow them. I mean, they are giant networks of criminals, they know how to turn the money around the globe, send it from one holding to another to clean it . All these steps are to follow finally, and are costing money, which a "small investor" can't pay anymore, since the gangsters squeeze all the money out of him. The criminals know that very well, so they are sure, that nothing will happen to them.
Sometimes it is even funny, what they are telling for what the money has been paid. But in the back of all these 1000 boilerrooms are just few organizations.
And I think, not to do anything against, is bad , too.

 

[kathleenleon]

pm for advice

 

[cfmchaser]

Hi,
legal steps are taking time, maybe one year or two years. 'cause it is difficult to follow them. I mean, they are giant networks of criminals, they know how to turn the money around the globe, send it from one holding to another to clean it . All these steps are to follow finally, and are costing money, which a "small investor" can't pay anymore, since the gangsters squeeze all the money out of him. The criminals know that very well, so they are sure, that nothing will happen to them.
Sometimes it is even funny, what they are telling for what the money has been paid. But in the back of all these 1000 boilerrooms are just few organizations.
And I think, not to do anything against, is bad , too.

I agree not doing anything is bad, hence the postings in as many forums as possible. Legal steps is wasted if the country they are in/registered their business does not have strong compliance or enforcement culture. Often, when legal authorities procecute, they are simply not there (already moved or find out it's a ghost operation).

 

[tim3]

Why the elderly often fall for the 'too good to be true' scams | Mail Online

 

[Ainka]

I agree not doing anything is bad, hence the postings in as many forums as possible. Legal steps is wasted if the country they are in/registered their business does not have strong compliance or enforcement culture. Often, when legal authorities procecute, they are simply not there (already moved or find out it's a ghost operation).

In a part you are right, but accounts are no ghosts.

 

[MichaelC12]

Today the internet has caused the scammers a great deal of problems. There is too much information readily available on the internet. The life span of a boiler room operation is very short. It went from 2 to 3 years to 1 week to 6 months. This has caused the scammers to go for the juggler..Their tactics are meant to exact the most pain as quickly as possible. The secret is the bank and the web url. The police are going after the lower level guys and pressuring to get the big guys. The scammers are now selling high profile stocks, but never purchasing them or deliver them. They bring the money in and switch the customer into illiquid stocks on Frankfurt or Stuttgart or London''s aim or the US electronic bulletin board or Pink Sheets. Not only are the boiler rooms involved in the scam, but the web host and the traders who trade these illiquid stocks for a few weeks to show volume. They can be prosecuted. They will give up who they were trading on behalf of.

 

[tim3]

Today the internet has caused the scammers a great deal of problems. There is too much information readily available on the internet. The life span of a boiler room operation is very short. It went from 2 to 3 years to 1 week to 6 months. This has caused the scammers to go for the juggler..Their tactics are meant to exact the most pain as quickly as possible. The secret is the bank and the web url. The police are going after the lower level guys and pressuring to get the big guys. The scammers are now selling high profile stocks, but never purchasing them or deliver them. They bring the money in and switch the customer into illiquid stocks on Frankfurt or Stuttgart or London''s aim or the US electronic bulletin board or Pink Sheets. Not only are the boiler rooms involved in the scam, but the web host and the traders who trade these illiquid stocks for a few weeks to show volume. They can be prosecuted. They will give up who they were trading on behalf of.

I once had a scammer phone me he wanted to give me a stock to watch and said he would call me the next week when it had gone up to "prove himself" I was intrigued ( did not take him up on it as I don't believe a word they say) but I guess they just manipulate small stocks.

 

[pboyles]

I once had a scammer phone me he wanted to give me a stock to watch and said he would call me the next week when it had gone up to "prove himself" I was intrigued ( did not take him up on it as I don't believe a word they say) but I guess they just manipulate small stocks.

Yes exactly.

 

[neil]

Yes exactly.

What they call "Pump and Dump."

 

[cfmchaser]

In a part you are right, but accounts are no ghosts.

It's easy to open and close bank acocunts. Fisher Capital Management had at least 4 bank account over a 6 month period.

Again, not trying to discourage inaction here, but we need to know our enemy and how they work. Fighting them the conventional (western) way is obviously not working, and they know it.

I don't have the solution, but getting the actual names of these scammers would be a start. Fighting them will depend on where they are (which country).

 

[pboyles]

Today the internet has caused the scammers a great deal of problems. There is too much information readily available on the internet. The life span of a boiler room operation is very short. It went from 2 to 3 years to 1 week to 6 months. This has caused the scammers to go for the juggler..Their tactics are meant to exact the most pain as quickly as possible. The secret is the bank and the web url. The police are going after the lower level guys and pressuring to get the big guys. The scammers are now selling high profile stocks, but never purchasing them or deliver them. They bring the money in and switch the customer into illiquid stocks on Frankfurt or Stuttgart or London''s aim or the US electronic bulletin board or Pink Sheets. Not only are the boiler rooms involved in the scam, but the web host and the traders who trade these illiquid stocks for a few weeks to show volume. They can be prosecuted. They will give up who they were trading on behalf of.

Michael

What ever happened with Spiriton Media? Was any action taken in Germany?

 

[uisi71]

Michael Shumak of Transnation Securities & Trust SA. He now is behind a licensed financial advisory in Malta. John Kim an attorney from Toronto is his proxy on the new company. Kim spends his time in Central America but Shumak plays the role of his executive assistant.

Hi folks,
Am i correct in assuming that this Michael Shumak is Michael KASHYN????

Would be great to get response.
Uisi71

 

[MichaelC12]

Michael Shumak of Transnation Securities & Trust SA. He now is behind a licensed financial advisory in Malta. John Kim an attorney from Toronto is his proxy on the new company. Kim spends his time in Central America but Shumak plays the role of his executive assistant.

Correction: Transnational Securities & Trust SA

 

[jungerns]

Anybody come across the name Harris Black in the last few years connected to Scams....??

 

[pboyles]

Apparently so, seems he hangs out in your part of the world.

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