douglas st james???

scorpion27

Hi

I think it is quite late to know above information for me. I have already been fooled and invested £5,600. Can anyone there advice if there is any way to complain about this company in Switzerland or any govt. body there like FSA in UK.

I've got share certificates for the shares I've invested in. these companies are listed on OTCBB. Can someone advice if there is any way to check if these certificates are original and issued by company itself or by someone authorised by the company.

Any advice will be appreciated.

Reaper

Just from a search on Google I found the Swiss Federal Banking Commission, also known as EBK. They regulate the stock exchange and have a web page in English.

I'd guess that the firm involved is not authorised so this is the page to start on. I fear it is unlikely you will recover your losses, but good luck.

GiMac

I've had the guy "grooming" me for the past couple of months. I was sure it was a scam, but wanted to see how it panned out. Today he contacted me to tell me that "within the next 24hours" he would have a hot stock for me. He wanted me to confirm my entry level, which I told him I would do once I had seen the stock, and he wanted my National Insurance certificate to "prove I wasn't a U.S. citizen" so that I "wouldn't have to pay any tax when I exited". Needless to say I put him off until tomorrow. I'm contemplating calling tScotland Yards fraud office to report it and see what they advise. He was never going to get any of my money, but it's been fun. 8)

Have since checked and the company are listed as "Unauthorised overseas firms" with the FSA in the UK.

See link below http://www.fsa.gov.uk/enforcement/firms_overseas.html#d

sergeant121

I've had the guy "grooming" me for the past couple of months. I was sure it was a scam, but wanted to see how it panned out. Today he contacted me to tell me that "within the next 24hours" he would have a hot stock for me. He wanted me to confirm my entry level, which I told him I would do once I had seen the stock, and he wanted my National Insurance certificate to "prove I wasn't a U.S. citizen" so that I "wouldn't have to pay any tax when I exited".

As the nearest a UK citizen has to such a thing is a National Insurance Number, he may be after that. Whether that's part of some sort of identity theft scam I can't say but, with your name and d.o.b., possession would be very useful to a fraudster.

dunstonh

Name and date of birth by itself isnt that useful but add in NI number along with addresses and it is very useful.

There are no reasons to ask national insurance number on what they are doing.

They also do not appear to be following European money laundering rules either unless it hasnt got to that stage yet with you. Maybe one of the people who unfortunatly got sucked in could confirm if identification was obtained.

pin

re the money laundering thing. does a swiss company have to follow european money laundering rules?

however i know chances of this company following any money laundering procedures are nil.

dunstonh

I cant be sure but I thought Switzerland were part of the FTAT that set up the european rules.

mccartrey

>:( :-[ :-/
Do not go anywhere near this company (Douglas St. James).
I got all the paperwork through from them and suspected a scam from the start.
I forwarded all the information to the Met Office fraud squad who tell me it has all the hallmarks of a boiler room scam (they take your money, you get worthless share certificates, probably stolen, you never hear from them again).
I'll let you all know if I hear anymore from them.

regards,

Mccartrey

nellyquick

On reading all your messages, especially the last, I took my paperwork to the Police Station this morning and he said there was nothing wrong with it. He wasn't even worried that I had given my NI number. He says I need to worry if the share certificates don't show up and some of you have those. He hadn't heard of any problems regarding this Company. I have parted with £2700 and I am due to part with £5600 by the 18th Nov - money I dont have, but desperation I do. I have legitimate phone numbers, web address, email address of Douglas St James. Am I naive? Too trusting or could you be wrong???

mccartrey

I could be wrong.
but equally so could you.
Anyone can set up phone lines, email addresses and web sites to conduct any type of business, legal or not that they chose.

You might like to check out the Met Office advice on share scams including common statements/phases (like direct bank to bank transfer on your paperwork)
http://www.met.police.uk/fraudalert/prime.htm

or this one from the FSA
http://www.fsa.gov.uk/consumer/01_WARNINGS/scams/mn_high_catch.html

or this one is an alert from the FSA saying that Douglas St James is not regulated by the FSA so you have no recourse to compensation if it goes pear shaped.
http://www.fsa.gov.uk/enforcement/alert_27april.pdf

or this one detailing a previous court case involving Security Advisory Group (the supposed Escrow agent)
http://caselaw.lp.findlaw.com/data2/californiastatecases/a096965.pdf

Make up your own mind. I'm certainly not sending my money to someone elses personal bank account (Scott Mayer) in a foreign country when I can purchase recommended shares using an advisory service (like Hoodless Brennan) who are fully regulated through the FSA.

I hope this helps,
Buyer Beware!

regards,

McCartrey