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MSE News: FSA to contact 76,000 consumers on 'fraud list'

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MSE News: FSA to contact 76,000 consumers on 'fraud list'

edited 30 November -1 at 1:00AM in Savings & Investments
4 replies 2.3K views
Former_MSE_HelenFormer_MSE_Helen
2.4K posts
edited 30 November -1 at 1:00AM in Savings & Investments
This is the discussion thread for the following MSE News Story:

"Nearly 80,000 people who feature in fraudsters' 'phone books' are to be contacted by the City watchdog"

Replies

  • PincherPincher
    6.6K posts
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    Dear Sir,

    We believe you are an idiot,
    and are writing to you to remind you that you are idiot.

    yours sincerely,

    FSA
  • Cue fraudsters letters purporting to be from the FSA demanding a "protection from fraud" fee.
  • edited 24 April 2012 at 5:42PM
    John_PierpointJohn_Pierpoint Forumite
    8.4K posts
    Part of the Furniture 1,000 Posts
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    edited 24 April 2012 at 5:42PM
    I get roughly a telephone call a week.

    I suppose at its simplest they start off with 10,000 mugs, possibly extracted from share registers.
    Of these 10K they advise half to buy and half to sell.
    The 5K who have made the "right" decisions are then contacted some months later and 2.5K are told to buy and 2.5K are told to sell.
    Repeat that again with 1.25k
    and that should yield a nice manageable list of (say) 500 punters who are beginning to think their new "friend" is a genius.

    Now go in for the kill and advise all of them to draw out all their savings and mortgage their house to buy "intergalactic golden enterprises" after selling their now impressive successful portfolio.

    Do a bunk with their money.

    Simple.

    So far I have managed to resist their blandishments, but I dislike being nasty to an endless list of mules that phone me, to see if they can set me up for such a scam.

    This forum & thread does a good job in tracking the latest fraudsters:
    http://www.trade2win.com/boards/brokerages/14154-boiler-room-scams-395.html#post1836382
  • John_PierpointJohn_Pierpoint Forumite
    8.4K posts
    Part of the Furniture 1,000 Posts
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    icon1.gif
    According to "You and Yours" BBC Radio 4 - these 76,000 were largely the clients or potential clients of "Land Banking" companies.
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