what would you do?

spykes

I made a complaint to the Financial Ombudsman in about June of last year.
My complaint was against the company Wills & Co, who I believe mis-sold me shares in a company called Trixter. I paid just over £4,410 for 30,000 in Jan 04. Having bought shares with this company before (and subsequently lost money) I knew that the shares were deemed reasonably risky, but my complaint is that I was never told I would not be able to sell them. I found out the bad news when I tried to do so. I contacted the company in writing and they basically said - TOUGH!!
I then wrote to the Financial Ombudsman and after about 10 months I was informed that my case was being dealt with. I now have 2 choices:

1. To be happy with their offer of compensation based on the AIM market (at today's prices) about £2,200 when obviously at the time of complaint this figure would be well over the £5,000 mark, similarly to when originally mis-sold the shares, or:
2. Say no, I want it looked at further by another (presumably more experienced assessor) and risk him siding on behalf of the company and receiving, at worst, nothing.

I should point out that the financial ombudsman agreed that they had mis sold them, as they had a vested interest in the company. And that I should get my money back with interest. I should also mention that the company cant retrive any phone evidence that they told me that fact.

spykes

I made a complaint to the Financial Ombudsman in about June of last year.
My complaint was against the company Wills & Co, who I believe mis-sold me shares in a company called Trixter. I paid just over £4,410 for 30,000 in Jan 04. Having bought shares with this company before (and subsequently lost money) I knew that the shares were deemed reasonably risky, but my complaint is that I was never told I would not be able to sell them. I found out the bad news when I tried to do so. I contacted the company in writing and they basically said - TOUGH!!
I then wrote to the Financial Ombudsman and after about 10 months I was informed that my case was being dealt with. I now have 2 choices:

1. To be happy with their offer of compensation based on the AIM market (at today's prices) about £2,200 when obviously at the time of complaint this figure would be well over the £5,000 mark, similarly to when originally mis-sold the shares, or:
2. Say no, I want it looked at further by another (presumably more experienced assessor) and risk him siding on behalf of the company and receiving, at worst, nothing.

I should point out that the financial ombudsman agreed that they had mis sold them, as they had a vested interest in the company. And that I should get my money back with interest. I should also mention that the company cant retrive any phone evidence that they told me that fact.

frannyann

PM Glad and ask if she can move it to DFW board

ormus

wills & co are well known boiler room scam artists.
google for it.
check out the boards at, www.fool.co.uk.

halight

Hi mate,

If you can afford the loos then i would try and take it as far as i could in the hope that id het my money back.

If you can not aford the loss of this money then id take what you have been offerd and just take the loss.

Good luck mate and all the best

spykes

ORMUS do you have a link or clue as to which heading the stories are under? thanks.

nomoneytoday

If you're not greedy, you can't be scammed...

spykes

Thanks for your input No money today.
I was a naive 21 yr old at the time who originally recieved a cold call from someone who told me I could make money. I admit to being stupid, but thats not the point, thanks.

milliemonster

nomoneytoday wrote: »

If you're not greedy, you can't be scammed...

Why is it greedy to buy shares?

I can't understand why anyone would buy shares in a company if there was no option to be able to seel them at some point, after all, that is the whole point to try and make money on them in the future? I personally would keep going with this, on principle

Burlesque_Babe

not sure DFW is the right board - probably needs to be on the Shares board for the best advice.

medman

http://www.fsa.gov.uk/pubs/final/willsandco.pdf

This sounds like a typical boiler room scam. Buying shares from cold callers is not a great idea. I did it once and got away with it, but wouldn't do it again. Not being able to re-sell them is a classic.

What you do now is a balance of risk but I would take the cash and learn the lesson.

MM