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Phoenix Investments A.G. Cold calls!

Tartanwalker
Tartanwalker Posts: 1 Newbie
in Savings & investments
I've been telehoned on several occasions by this company operating from Switzerland. They have a recommendation, seek my investment, and charge 2% fee on the capital you invest when the share is sold. Your investment goes into their Corporate Holding Account until 'profits' are realised. Has anyone had any longterm trading experience with Phoenix? Any comments welcomed.

Comments

  • Ark_Welder
    Ark_Welder Posts: 1,878 Forumite
    Initial thoughts: don't hand over cash to any company that cold-calls, especially if they're abroad.
    Living for tomorrow might mean that you survive the day after.
    It is always different this time. The only thing that is the same is the outcome.
    Portfolios are like personalities - one that is balanced is usually preferable.
  • dunstonh
    dunstonh Posts: 121,282 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Cold calling of investments is not allowed in the UK. If you get these cold calls then assume it is a scam. (almost certainly it is).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Ark_Welder
    Ark_Welder Posts: 1,878 Forumite
    edited 1 November 2011 at 1:07PM
    Indeed. Second thoughts were: don't give money to companies that are on the FSA's watchlist - even if they are trying out a different name...

    http://www.globalinvestoralerts.com/public_html/phoenix_cooper_financial.shtml

    [Edit]
    http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overseas.shtml#p
    Living for tomorrow might mean that you survive the day after.
    It is always different this time. The only thing that is the same is the outcome.
    Portfolios are like personalities - one that is balanced is usually preferable.
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,946 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I have some dead cert investment opportunities which I could sell you, which guarantee a return to you of at least 10% of your investment each year, and my fees are also 2%.

    Would you buy my investment? No! Then why would you buy off somebody ringing you up out of the blue and asking you to put your hard earned money in their hands. Especially if they are abroad.

    No respectable investment company rings up complete strangers offering an investment.
    "There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock
  • Vortigern
    Vortigern Posts: 3,312 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Sounds like a Boiler Room Scam.
  • domcsmith
    domcsmith Posts: 1 Newbie
    These guys have phoned me too. I tried to keep them on the phone for a while to see what kind of scam they are trying to pull off, and it seems one approach is to offer a newspaper-worthy IPO to which they can get you an allocation. Obviously this is nonsense. After a few minutes, it is pretty clear that these guys have no financial knowledge and are trying to pull off a scam. Avoid!
  • andynewcom
    andynewcom Posts: 2 Newbie
    Hi, you are not alone in having been duped! We are still awaiting certs in facebook and being highly pressured to buy more! No way. We should talk and have a two pronged attack, I will try my best to gain some redress!!!! Have tried to get as much info as possible over the last few days and have learnt a lot about what we should not have done.
  • andynewcom
    andynewcom Posts: 2 Newbie
    Sorry I do have phone numbers if it is worth compare, he still rings daily!!!
  • srcandas
    srcandas Posts: 1,241 Forumite
    Ninth Anniversary 1,000 Posts Combo Breaker
    Andy and Patil thanks so much for coming forward and helping others. Very generous. All the best :beer:
    I believe past performance is a good guide to future performance :beer:
This discussion has been closed.
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