Share Fraud?

mypao

Hi,

I've been called by a company in Tokyo called Sun Worldwide and they seemed legit over the phone and I asked them to buy some shares in a company called Sinovac on my behalf. I started to get a little worried about how legit they were when their bank account details were listed as Excel Gold Limited, an account in Cyprus!

Has anyone heard about them? Can I trust them with my money? I have already verbally confirmed the order, does that mean I'm liable?

Thanks

cheerfulcat

It's a scam. No, you cannot trust them with your money and no, you are not liable. If you have made arrangements to transfer money to this company, cancel them now.

Jonbvn

Why anyone would trust a "cold-call" is beyond naivety.

black_taxi_2

there must be some that do---insanity

gozomark

mypao wrote: »

Hi,
they seemed legit over the phone

what did they say that gave you such confidence

mypao

Thanks a lot for your advice...

They seemed to have gotten my all my basic personal information and I assumed that it was somehow a link that they got from my japanese supplier!

I'm lucky I dint send anymore information like my identification details etc (slacking off finally paid off!). They called me today as well, the scam is run by a couple of British blokes named Chris Fox and James Harper. They seemed extremely professional, there was even a part in the conversation where they claimed that they were recording it when I verbally confirmed my order. Apparently I could even request for a copy of the conversation if I wanted! That's the part that made me concerned that I was going to be liable for something.

Anyway the tip that they gave me about Sinovac shares seemed to be accurate and it was all market news from reputable websites (cnbc, bloomberg etc)

cheerfulcat

Hi, mypao,

These scam artists must be fairly plausible as many, many people have been taken in over the years. The rule of thumb is - if they phone you without having been asked to by you ( cold calling ) then it's a scam.

cashbackproblems

I dont think their necessarily going to steal your money i.e. not invest it in the company, but having checked Sinovac it is a listed penny share but you will probably lose your money and pay huge commissions. If you feel its a strong share then you should buy it yourself, not sign up with random cold callers, i cant believe anyone would be tht stupid!

bendix

It just beggars belief. I cannot envisage a scenario in which I received a call from out of the blue which resulted in me handing over my hard-earned cash.

What goes through people's minds when they do this? Where are their critical faculties?

I just dont get it.

gozomark

bendix wrote: »

What goes through people's minds when they do this?

In a word, greed

Ivan_Craig

Sunworldwide contacted me - I unfortunately placed a small amount of money after following their share calls for a couple of months. They phoned on a daily basis till I paid the money - now they don't take calls and money has disappeared - BEWARE of SUNWORLDWIDE. I have documentary proof of the SCAM if you are interested.