Boiler room scams victims???

  lofty29 09:39 22 Mar 2008
Locked

I was watching bbc2 last night about thousands of people being conned out of money by boiler room scams, and how they were complaining about how much money they had lost. Now I have sympathy for some people who have been caught because they are not too bright, but most of these seem to have been suckered through pure greed on their part. If someone on the telephone said to me I can double, triple, or quadruple your money in 12months I would say you are a con artist ******* off. If you can do that you would do it for yourself not offer it to me. Its like the ebay instant sales offering free tv's etc.

  Colin 11:24 22 Mar 2008

These "victims" get what they deserve. As lofty29 says it's pure greed. A fool and their money are soon parted. Yet, if they are fools, how they amassed so much money as to come to the attention of the scammers? Having said that, the full weight of the law should also come down on the scammers.

  octal 11:50 22 Mar 2008

"the full weight of the law should also come down on the scammers."

I quite agree Colin, but the problem is, is that the scammers are quite often in countries where our law enforcement have no jurisdiction, so that they are able to get away with it and the law agencies in those counties probably have far greater concerns trying to stop their residents killing each other. At the end of the day it's down to us to protect ourselves and to question what we are being told because we just can't trust our fellow human any more.

  spuds 17:20 22 Mar 2008

Greed is usually the main cause for complaint, and boiler room scams are not much different to other well thought out scams, perhaps originating from Nigeria etc.

What would rock my boat, is finding out that certain respected UK establishments seemed to assist in the scam progressing, and that was pointed out in the program.

  skeletal 20:38 22 Mar 2008

I think you guys are too quick to condemn “fools”.

Some financial scams are very clever and even the most “switched on” people can get caught out occasionally.

If everyone was really clever, then no-one would ever have bank details taken, no computer would ever get a virus, no-one would ever be phished.

I’d rather see more efforts taken by appropriate authorities to treat the perpetrators appropriately.

And to continually warn people that such scams exist; you won't know unless you learn from your, or others, mistakes.

Skeletal

  rdave13 22:43 22 Mar 2008

Hear, hear, common sense at last. People are educated but you can't teach common sense.
Maybe we are all gullible unless we're taught differently. Was always taught - if too good to be true then it's a lie.

Hmm, always was taught never to look a gift horse in the mouth..?

  lofty29 09:36 23 Mar 2008

Certainly authourities should crack down on these people if possible, especially in this country, one of those involved was a member of a large UK solicitors group who apparently made £800,000 acting as an agent. He it seems got away with it. One of the groups still operating is in Barcelona, So much about EU law then. But I still say that the 'Victims' are largely letting their greed rule their common sense. There are certain similarities with brits who trundle of buying properties abroad without doing any research, and behave in a totally different way in which they would when buying in the UK, many of them seem to leave their brains at the airport.

  spuds 12:52 23 Mar 2008

For those who didn't watch the Money program, it was very evident in the program that the
'appropriate' authorities were well informed as to what was and is going on. The City of London police, FSA and a respected firm of lawyers plus others, all had involvements at some point or another. In fact the senior partner of the UK law firm discussed in the program, made a substantial amount of money, in which an investigation from complaints, resulted in a 'minor' fine being given.

As for the EU, it appears that Barcelona is now a good place to set-up and run these type of scams, all the boiler rooms in Chicago have perhaps now been closed down.

Its not only scams that need investigating, and action being taken by the 'appropriate' authorities. But generally world-wide, we are hearing of increases of suspect dealings in the money markets. Only yesterday there was headline news about Credit Suisse firing several 'rogue traders' after discovering a £1.4 billion hole in its finances. Apparently this type of dealing could have led to some substantial bonuses being given out to suspect traders. The same thing possibly applies to the recent rumours regarding HBoS supposed financial affairs. One particular trader is thought to have made £100 million buying and selling shares on the back of the rumour and emails that were in circulation of the suggested possible collapse of HBoS.

The Northern Rock saga as brought a lot of problems, and only the other day, there was crisis talks with the Bank of England and the Big Five banks. Financial gain and misery cuts all corners, and the least well off suffer the most.But with some people,greed is the name of the game, the more they have, the more they want or demand.

  gengiscant 15:20 23 Mar 2008

No mention of the greed,the bankers exhibited,in buying into the sub prime market,billions were invested at a favorable rate,sellers were rewarded with bonuses,buyers likewise.
The ordinary folk have been shafted,bankers have lost little.

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