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Boiler room scams

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    Boiler room scams

    http://www.fsa.gov.uk/pages/Library/...2006/053.shtml

    People who fall victim to boiler room scams by purchasing virtually worthless shares lose an average of £20,000, the Financial Services Authority has found.

    The survey found that boiler rooms tend to prey on older people. Of those who had fallen victim to boiler rooms, 38% were aged over 60 while 26% of victims were 51-60 years. The majority of victims were male (81%) and most were experienced investors with 41% of victims saying they had been investing for over 11 years. Most victims were from London or the South East. The South West and Wales had the least victims.

    Could you be a potential victim?

    Most likely to be male
    Usually over 51 years old
    An experienced investor
    Spending on average £20,000
    Once you've fallen for one boiler room there is a greater chance you will fall victim a second time

    Is it a boiler room?

    The firm will not be authorised by the FSA
    Most likely to claim to be based in Spain, the US or Switzerland
    It will call you out of the blue or a marketing firm will call on their behalf
    Once you are on one boiler room's list you may be approached by other boiler rooms
    They could pursue you for at least one month even if you don't invest


    Anyone else here been called repeatedly by a saleman in "New York" with fast paced sales pitch to make "serious money" through "incredible investment potential"?

    Evidently the thickos in the SE are losing £20K a pop, whilst the those in the West are too clever and tight to fall victim.


    #2
    "There's not enough money in Wales & the West for them to bother..."

    ...........even if they clubbed together
    Rule Number 1 - Assuming that you have a valid contract in place always try to get your poo onto your timesheet, provided that the timesheet is valid for your current contract and covers the period of time that you are billing for.

    I preferred version 1!

    Comment


      #3
      Greed is good ?

      Yet they flood the papers' financial pages with their sad stories. Same as the Nigerian scams. Preying on people's naivety and GREED.

      Comment


        #4
        I like it when they publish bank account numbers to get money on the last page of Private Eye.

        Comment


          #5
          Originally posted by AtW
          I like it when they publish bank account numbers to get money on the last page of Private Eye.

          wow, I like the new look



          (\__/)
          (>'.'<)
          ("")("") Born to Drink. Forced to Work

          Comment


            #6
            Had some bloke from the US kept calling me on and off for about two years. Never heard of these scams but I certaintly would be wary of investing in something not regulated in the UK. At least with Newton, Fidelity etc. you know what the rules are.
            bloggoth

            If everything isn't black and white, I say, 'Why the hell not?'
            John Wayne (My guru, not to be confused with my beloved prophet Jeremy Clarkson)

            Comment


              #7
              Hmmmm....

              So Dim Prawn, forgive me for asking, but how much did you lose?
              Life is just nature's way of keeping meat fresh

              Comment


                #8
                £200K or nearly 3 months pay.

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                  #9
                  Wow your arse must be raw ...

                  Comment


                    #10
                    Originally posted by DimPrawn
                    £200K or nearly 3 months pay.
                    What are you - a jigolo?

                    Comment

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