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

Thrugelmir

Missus_Hyde wrote: »

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.

Human nature is what sucks people in to invest. Not their age.

Pincher

If they really want to catch these boiler room scams, they can set up fake identities with e-mails and telephone numbers which get put out as bait. Obviously, you just go along with it, pretend to be interested, and when they give you some workable clues, like a bank account to send money to, track them down.

Glen_Clark

Thrugelmir wrote: »

Human nature is what sucks people in to invest. Not their age.

True. But I think that when an older person receives an official looking letter telling them they have won £10,000 or whatever, they are more likely to believe it because their past experience, and their confidence in the authorities, leads them to believe the company couldn't get away with saying it if it wasn't true.

Glen_Clark

Pincher wrote: »

when they give you some workable clues, like a bank account to send money to, track them down.

IF the bank account is in their name, and IF they are in a jurisdiction where you can get hold of them.
Many of these parasite countries, and even British dependencies like Gibraltar, make their money by offering people lower taxes and/or secret bank accounts they couldn't get in Britain.
They seem to work from countries who don't have a good relationship with the British Authorities, and they never rip anyone off in the country they are working from so the authorities there have no direct incentive to pursue them.

Vortigern

happyhero wrote: »

Hi I am trying to help my stepfather who has the start of Parkinsons and dementia and is 88 now he used to be a keen investor.

What should I do?

Get him to change his telephone number. Make the new number ex-directory. It won't help to recover past losses but should prevent further calls from the scammers.

Thrugelmir

Glen_Clark wrote: »

True. But I think that when an older person receives an official looking letter telling them they have won £10,000 or whatever, they are more likely to believe it because their past experience, and their confidence in the authorities, leads them to believe the company couldn't get away with saying it if it wasn't true.

What relevance does this have to investing in Companies?

As I often write. People tend to muddle luck with their their own investing (business) skills.

Glen_Clark

Thrugelmir wrote: »

What relevance does this have to investing in Companies?

As I often write. People tend to muddle luck with their their own investing (business) skills.

But the victims I have heard about have all been older people, so I think there must be some connection.
But you may be right in that older people are not more easily conned in this way - it may be that they just have more spare cash to 'invest'?

atush

As older people are more likely to hold shares by certificate, not by a nominee acct?

Glen_Clark

atush wrote: »

As older people are more likely to hold shares by certificate, not by a nominee acct?

Fair point. And now Gideon Osborne has given the over 55's the 'freedom' to cash in their pensions and give the money to a Scammer.

colsten

Glen_Clark wrote: »

Fair point. And now Gideon Osborne has given the over 55's the 'freedom' to cash in their pensions and give the money to a Scammer.

People have always been able to give their money to scammers. It's pretty ridiculous to suggest that because some people are not able or willing to assume responsibility for their own affairs, the vast majority of people should not be trusted with their own money.