Sounds too good to be true

RuthnJasper

I'd be very wary of anything that didn't offer a basic salary - even if the main part of the package is commission-based. Also - why are they offering £120 just for the first month only? What is that for?

As ILW said, your brother needs to be VERY careful that he isn't pressured into buying or investing anything (even if he's told that he "needs it to do his job").

I'd be concerned if it was my brother.

Kimmy393 - you sound like a FAB sister, your brother is lucky to have you.

Good luck - hope he gets on OK. x

kimmy393

I assume the £120 was meant to give him a little cash in his pocket, as he would not be getting any ££ from them till he earns it via commission, probably paid at end of month.

I am very worried about him, and getting involved with some crappy company. Howver he is currently just thinking of what they said about the £5k a month, and how they choose him out of 70 other people being interviewed. He like I said is very nieve. He is only 20.

dacouch

You can look up his address (Or the address he registered with his website) on this website https://www.whois.net

Then have a look at the house on google streetview which I assume is his parents house

ILW

If he is currently not working I would say give it a go. If nothing else it will be a bit of an eye opener.

RuthnJasper

kimmy393 wrote: »

I assume the £120 was meant to give him a little cash in his pocket, as he would not be getting any ££ from them till he earns it via commission, probably paid at end of month.

I am very worried about him, and getting involved with some crappy company. Howver he is currently just thinking of what they said about the £5k a month, and how they choose him out of 70 other people being interviewed. He like I said is very nieve. He is only 20.

If it's the company named in the link you provided, the given company address sites the offices here: http://www.theofficegroup.co.uk/bank.html (a complex of "virtual offices"/meeting rooms), not Canary Wharf. That company is not listed as a Canary Wharf tenant, according to Canary Wharf Group plc. There are also very few online references to the company apart from their own website/links (no Wikipedia entry, for example).

I would be happy to be proved wrong - but, to me, it all smells fishier than a cat's dinner. That, coupled with the total lack of a basic salary before commission, just blares out that you are right to be worried.

eamon

Its not a scam as such but a variation of a pyramid/ponzi scheme and it reminds me of similar things that come and go. For example in the 1980's it was endowment savings schemes, in the 90's pensions and in the 00's utilities. There is a market as such in trading CO2 emissions and I wouldn't be surprised if some devious people had found a way of having a product that an ordinary consumer could be convinced into buying. There will be a few people that make good money the vast majority will be lucky to see the expensives let alone commission (the claw back time will be huge). I personally wouldn't touch this with a barge pole.

kimmy393

So to be honest my brother would be working to long hours, ripping people off to make the top dogs loads of cash while he wont see much in return anyways. So all this talk to him about make thousands and thousands a year is all lies. They just want him their to be another pawn in thier "scams". as such.
You think he will be making barely anything to what they said e.g £20k ??

warehouse

Kimmy393, I think you're missing something here. It's highly likely that the company is as described by the people above, and he'll not make enough to cover his train fare, it is definately too good to be true.

However, whatever happens he will learn a valuable life lesson, that something that is too good to be true nearly always is, and at worst it'll only cost him 2 months of his life. On the plus side, I bet there's not many on here who haven't had at least 1 dodgy job in their past and moved on .

Annisele

Well, the firm's website says:

[Firm name] is not regulated in the UK by the Financial Services Authority nor any other regulatory authority. [Firm name] only promotes investments in the UK which fall outside of the definition of specified investments under the Financial Services and Markets Act 2000. Accordingly, [Firm name] is not required to be authorised or regulated by the FSA.

I'd be running miles from that. I'm not convinced the firm is right about not needing to be FSA authorised (the investments themselves might not be regulated, but providing advice about the investments might be a regulated activity).

However, even if the firm is right, it is promoting high risk unregulated investments to sophisticated investors (as you can't market that sort of thing to the general public). If I was a sophisticated investor, then I'd likely know more about the product than your brother is going to - so I'd be distinctly unimpressed with him as a salesman, and no matter how good he is at selling pens he's going to struggle to get himself any commission.

So, I'd guess that they may well be selling to people who are not sophisticated investors - in other words, ripping off vulnerable people.

kimmy393

Really wow this is all so intresting.

They have two website too, they have this one 12 months old, and a sister company this one 5 months old.

Not tink this is also strange??