'Boiler Room' share scams are on the rise

  TopCat® 15:04 19 Sep 2010

in the UK so as ever it is buyer beware when one is, usually, cold called by these unscrupulous and persuasive sharks. click here

The FSA has published a list of these suspected boiler rooms to help people avoid falling prey to these scammers, together with a on-line reporting form link, should anyone wish to report having had dealings with any named on the list. As reported, the list is constantly growing as more of these scams from overseas target the UK. click here

Thankfully I've not had any calls up to now but, should it happen, then it would be swiftly terminated from my end and any pertinent information I could gather would then be forwarded on to the FSA. Would you do the same? TC.

  gengiscant 15:14 19 Sep 2010

There is so much fun to be had with these callers,in fact any cold caller, be it double glazing,changing my gas/electricity suppliers and of course the scam artists.
Without giving out any personal information of course.

  MAJ 20:17 19 Sep 2010

.... has a lot to do with these people getting scammed.

"Little by little he was enticed into buying more fake stocks, and by the time the crooks had finished with him, he had squandered his life savings - around £97,000 - with nothing to show in return."

Seriously, how thick do you have to be, before your membership to the Homo Sapiens club is revoked?

  OTT_B 20:53 19 Sep 2010

"Seriously, how thick do you have to be, before your membership to the Homo Sapiens club is revoked?"

That seems a little unfair....

  MAJ 21:29 19 Sep 2010

I'll bet they wish someone had said it to them before they 'invested'. I can't muster any sympathy for them.

  MAJ 22:38 19 Sep 2010

We'll take greed as a given then.

"Often the salesman will invoke the Stockholm syndrome by making you believe they will be in big trouble if you don't go through with the deal."

That ticks the stupidity box.

"....ideally suited for intelligent investors"

I hadn't thought of the vanity angle, now that should really have rung the alarm bells, as it did with you, as it would with me and anyone else with an IQ higher than the telephone they were talking into.

Serioulsy though, 'John', (the guy in TopCat®'s link) was canny enough to squirrel away 97k and a few phonecalls and letters is all it takes to get it off him?

  morddwyd 07:24 20 Sep 2010

What's that old chestnut "You cannot con an honest man"?

Or the other one "If it seems too good to be true.............".

  Colin 13:23 20 Sep 2010

The phrase "A fool and their money..." springs to mind.

I have the same policy for unsolicited telephone callers or doorstep sales people, " No, thank you" then I put the phone down or shut the door.

  TopCat® 00:33 21 Sep 2010

trying their luck down here. Not a dodgy share scam from a boiler room firm but a cold call from someone supposedly from the council announcing a tax overpayment and requiring that person's bank details. click here

There's an awful lot of quite elderly and gullible people living here in the south west and I fear some of them may be caught out by this. TC.

  Strawballs 13:58 21 Sep 2010

There is an email doing the rounds at the moment saying it is from HNRC asking for your bank details so they can proccess the tax rebate that you are entitled to as you are one of the people that overpaid tax.

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