Invested in something dodgy-ish but what can we do now?

Paul_Hyland

I strongly encourage you to seek financial advice from a qualified professional. any reasonable firm will offer a free consultation and they will be able to ascertain exactly what you are up against. if they say they can help, ask them to explain how, how long it will take, what the expected outcome is, and how much it will cost in fees. if you dont like what they propose, walk away. no harm done.

happyhero

Glen_Clark wrote: »

How would that work?
Even if they are in a jurisdiction where they can be controlled, how can politicians legislate what is a good and bad investment? What people can and can't be invited to invest in?

By making it against the law with heavy prison sentences, surely that would have some effect. Don't know exactly what laws are being broken but if one does not exist for this sort of stuff they should make one, that part seems common sense for the law makers to me. After all the way these things work I would guess that not one single investor would gain ever, something needs to be done when its that clear there's a problem.

happyhero

Jackthedog wrote: »

When I was sorting my deceased fathers estate I came across a number of these types of these so-called investments - all of which were worthless. My father was not an investor bar a couple cash Isa's giving a terrible return with a couple of banks! It seems he was cold called and was caught!

I am still angry that an older person was taken in this manner but that was just one example... he had fallen prey to a number of other internet scams, charity and assorted other 'insurances' etc His direct debits were a jungle of dodgy scams.

Best of luck with getting anything back...

Sorry to hear that but you're exactly right, that's how my stepfather was approached.

happyhero

Paul_Hyland wrote: »

I strongly encourage you to seek financial advice from a qualified professional. any reasonable firm will offer a free consultation and they will be able to ascertain exactly what you are up against. if they say they can help, ask them to explain how, how long it will take, what the expected outcome is, and how much it will cost in fees. if you dont like what they propose, walk away. no harm done.

Great idea but there are so many dodgy companies offering help for this sort of thing and "get your PPI back" etc, etc, that try to rope you in before you realise they are dodgy its easier said then done, you need to know the company helping you is decent first and that's hard enough. I love somebody to tell me of a decent company that does this, it would make life easier.

atush

Paul, I strongly urge you to not try to increase your post count. As you seem to be doing?

To thE OP, I would suggest you consider all of these shares worthless, but do go thru the paperwork and apply to any receivers and registrars you can find to see if you can get anything back.


These are boiler room scams and once they get hold of a 'live payer' ie a mark- they will pile on with more company names/shares etc. And they prey on the elderly.

Which is how he eneded up with 10 or more worthless shares.

My own personal opinion is that they get the names of share holders of large companies from the registrars via public record- esp those who hold certificates not those who hold via nominees. AS my OH holds shares that way, and I hold mine online via a nominee acct and he gets the cold calls- I dont.

Pincher

happyhero wrote: »

By making it against the law with heavy prison sentences, surely that would have some effect. Don't know exactly what laws are being broken but if one does not exist for this sort of stuff they should make one, that part seems common sense for the law makers to me.

Waivers.


1. Investments can go up as well as down.
2. Previous performance is no indicator of future performance,
3. The figures are for illustration only.




Tar and feathering based on moral outrage is now illegal, though.

Missus_Hyde

atush wrote: »

These are boiler room scams and once they get hold of a 'live payer' ie a mark- they will pile on with more company names/shares etc. And they prey on the elderly......

Pincher wrote: »

..........Tar and feathering based on moral outrage is now illegal, though.

More's the pity!!!

The awful thing is that they do prey on vulnerable people such as the elderly who are more likely to be taken in by them.

I'm no spring chicken, but one of my simple pleasures is telling such cold callers to "Go forth and multiply" in no uncertain terms followed by a few well chosen expletives.

Not very nice, perhaps, but effective!

Glen_Clark

happyhero wrote: »

By making it against the law

Making what against the law?
How would you define it in a way these spivs can't get round?
Bear in mind the Government must encourage and not stifle investment in new businesses to produce a genuine economic recovery

Jack_Griffin

If nothing else I hope readers will take it as a warning to 'simplify investments' before they get too old to manage them personally like they used to when they were younger.

At the end of the day, a few Building Soc accounts may be for the best, even if they pay poor interest.

Kernel_Sanders

Paul_Hyland wrote: »

I strongly encourage you to seek financial advice from a qualified professional. any reasonable firm will offer a free consultation and they will be able to ascertain exactly what you are up against. if they say they can help, ask them to explain how, how long it will take, what the expected outcome is, and how much it will cost in fees. if you dont like what they propose, walk away. no harm done.

On the subject of throwing good money after bad OP, I'd advise that some responsible person in the family gains power of attorney over his financial affairs.