Gcpo Scam

Oct 3, 2004
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Dromore
#1
Has anybody had people calling them about buying shares in GCPO( Traded at NASDAQ) with offers of doudling their money in 60 days. {Please be aware of the regulation S). Individuals would be very pushy but the companies shares are worthless. Also they will be based in countries who will not help you if anything went wrong.

They would start of as best of friends but please take a second to wonder as to how they got your address.

I was contacted by pw-asset management.......but do check out boiler rooms in the financial markets

Be greatly aware of them.

Money you send may never be recovered....And the law cannot touch them

Best of luck

Please spread the word aroud
 

anley

Well-known member
Dec 16, 2003
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#3
Because 99.99% of 'brokers' that cold-call you are scammers, that's why Gupta is correct is his information, unless of course you want to lay the bet to me (that they're not scamming thieves) with those probabilities :)
 
Oct 3, 2004
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Dromore
#4
Hi

This is what I have found further on the internet:


have had calls to pushing gcpo. gave my nat insurance no to confirm my deyails, now informed that i own the shares !!!. they want payment,loads of calls not going to pay. unsure of my rights any help greatfully recieved.

There are lots of points to consider here but TMF's Boiler Rooms FAQ is a good place to start:

http://boards.fool.co.uk/Message.asp?mid=9471244

1. Preston Wainwright Asset Management www.pwasset.com are a boiler room, ie they are "An offshore unregulated financial organisation that uses high-pressure sales techniques to encourage UK private individuals to buy shares in high-risk companies.

2. General Components Inc (GCPO.OB) is for some reason relatively popular with boiler rooms, its stock is also being pushed by Goldfield Consultants AG www.goldfield.ch, see:

http://boards.fool.co.uk/Message.asp?mid=9251048

A recent SEC filing for the company can be read here:

http://www.sec.gov/Archives/edgar/data/1160764/000114420405016705/v018815_10qsb.txt

And there's one particular comment of interest:

Additionally, in connection with the transactions contemplated by the
Exchange Agreement, the Company and certain investors (the "Investors"),
executed and delivered a Stock Purchase Agreement in which such Investors
received 10,000,000 shares of common stock of the Company for consideration of
$2,000,000.

Ie the company has recently issued a massive amount of stock to some "lucky" people at only 20 cents per share! A material discount to the price at which robinbro was being offered the stock at in the linked thread above, I bet that this is also a big discount to the price at which you're being offered them as well (some lucky person somewhere is going to "make out like bandits").

Personally I can't see any reason why anybody would want to buy stock in this pile of junk, but that is just my opinion.

3. The bottom line though is that you are well within your legal rights to tell these people to get lost. The explanatuion as to why is in the FAQ above:

5. I agreed to buy some shares but I've changed my mind now - the boiler room though say we have a contract!?
Don't worry, there's nothing that they can do. To force you to pay they would have to come to the UK and take action against you in a court and quite simply any court would throw out the case because any oral agreement that you have is "illegal", ie the boiler room cannot enforce it against you.

Section 26 of the FSMA explains this clearly: www.hmso.gov.uk/acts/acts2000/00008--c.htm#26

26. - (1) An agreement made by a person in the course of carrying on a regulated activity in contravention of the general prohibition is unenforceable against the other party.

At a guess sharelord2 you've probably been very polite to these people so far and you're getting nowhere. You could get angry and shout at these people but that will only raise your blood pressure and that's not good for your health. Relax, laugh at them down the phone, tell them that you don't deal with illegal boiler rooms and hang up. If you find a more amusing way to tell them to get lost then please let us know.
 
Mar 17, 2009
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#8
From a different angle. I have had a call from a company who would like to buy the GCPO shares that I was conned into buying 4 years ago. They are offering me $5.2 per share. Sounds wonderful but I know the shares are worthless and had written them off. They want $8000 upfront to de-restrict the shares so I said NO. If they want them they are welcome but they will have to deduct any expenses before they send me the money!!! He has gone away to think about it so I am not expecting another call.
Anyone else had a similar offer? Received any money?
 
Feb 22, 2009
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#9
Veronica
Be v careful.
Your name has been sold to someone, who has now approached you to scam you further. Why would someone offer $5 for a share worth 0.22. There is only one answer, FOR THE $8000. So take a stand .
Good luck
 
Mar 12, 2010
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#10
From a different angle. I have had a call from a company who would like to buy the GCPO shares that I was conned into buying 4 years ago. They are offering me $5.2 per share. Sounds wonderful but I know the shares are worthless and had written them off. They want $8000 upfront to de-restrict the shares so I said NO. If they want them they are welcome but they will have to deduct any expenses before they send me the money!!! He has gone away to think about it so I am not expecting another call.
Anyone else had a similar offer? Received any money?
I have just received an offer of $2.25 per General Components share but 'the company' wants $8924 up front. Has anybody got anything good to say about GCPO?
 
Oct 11, 2006
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#13
Well it seems all sorts of people fall for these scams so I wouldn't label everyone here a fool. I would say that if you fell for the second part of the scam (sending an advance fee to sell or derestrict shares) after having been warned not to here then you probably do fall into that category
 
Jul 31, 2010
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#14
Hi, I have been approached by a company called Legg Berman Acquisitions Management in Chicago offering me $26.24 per share for my 5,000 General components [GCPO] shares. To the best of my knowledge GCPO became Hi-Tech Wealth and then China Mobile Media [or similar]. Given that the shares were purchased for $2.26 and much has been written about GCPO as a boiler-room stock, this is obviously a scam. They do not, however, appear to be asking for any fees, monies upfront.
Anybody have any info regarding this?