Victim of a Boiler Room Scam - ADVICE PLEASE!

Shree_U

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opinions4u

He was called recently by a company called <insert any scame company name> who sold him some shares

That's because it is. If anybody rings you to invest like this it's either illegal or a scam.

I do believe that our money has gone

You're right.

Make sure you advise the FSA. That may help prevent others making the mistake.

Aegis

Unfortunately the money has almost certainly gone beyond any point where you can get it back. The important thing here is NOT to carry on throwing more money at this problem. You need to ensure that your partner doesn't agree to send anything further, as it will undoubtedly be lost.

NO legitimate broker will call you out of the blue.
ALL legitimate brokers in the UK will be FSA registered
You NEVER have to pay any form of escrow fee to access money from your own share transactions

Really sorry to be the confirmer of bad news, but treat it as a lesson learnt and ignore all such calls in future.

dunstonh

This sounds like a boiler room scam to me - but I don't know that much about investing.

Yes. It has all the hallmarks of one.

1 - not based in uk and cold called
2 - give completely non-compliant sales pitch (triple money in 6 months - lol)
3 - offer to buy back shares at much higher price but need to send more money
4 - then needing more money up front to release more money

Every stage matches the scam exactly.

First Allied Capital are talking like thjis is perfectly normal behaviour for trading

Scams normally do.

but I do believe that our money has gone.

That is the probable outcome I'm afraid. Plus, your partner will probably be added to successful scam lists. So, expect to be targeted again by other scammers.

Shree_U

Thank you all. It helps to know that this isn't just what happens with trading (as they have told us it does!!!!). I will be sure to report them to the FSA pronto, and my partner has already told them where to go.

Many, Many thanks.

King_Of_Bling

Shree_U wrote: »

Thank you all. It helps to know that this isn't just what happens with trading (as they have told us it does!!!!).

How much money did you spend on the shares?

SliAbhaile

Change your phone number(s) now. These people are very successful at high pressure sales - as you've witnessed - and will pile the pressure on now. As said above your details will be added to a list and circulated/sold to other scammers. Expect many more calls.

Sorry for your trouble.

MoneySaverLog

Well if Seth from JT Marlin calls again, just hang up the phone. It's a chop shop.

hethmar

Are you sure they are based in Japan?

Check out these lists

http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overseas.shtml

Tangible

It's guaranteed that you will get follow up calls from people promising to get your money back for a 'fee'. It will be the same people trying to get more money out of you. It takes a lot of time and effort to find a target and they won't let go easily.

Scammers like this have made people destitute and ruined their lives, driving some to suicide. They'll persuade you to sell your house, or take out loans if they can, as they have no morals, and it's been known for victims to be recruited unwittingly into marketing the dud investments themselves, leading them to prison.

The only real information they'll have given you is the destination bank account you sent your money to, and that should be reported to the authorities.

G_M

The City of London Police also have a specialist unit here.