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

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Comments

  • Glen_Clark
    Glen_Clark Posts: 4,397 Forumite
    colsten wrote: »
    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.
    I was not trying to suggest that, but a reason why those successfully targeted by scammers seem to be mainly older people.
    If people are to be trusted with their own money they need some protection from Scammers, and it would have been a good idea to put that in place first. Thats what the FSA (or whatever they call themselves now) are so highly paid for.
    “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” --Upton Sinclair
  • C_Mababejive
    C_Mababejive Posts: 11,668 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Why oh why are so many people allowed to make a very good living and commit fraud/engage in dubious practices under the umbrella of UK company law?
    Feudal Britain needs land reform. 70% of the land is "owned" by 1 % of the population and at least 50% is unregistered (inherited by landed gentry). Thats why your slave box costs so much..
  • Reaper
    Reaper Posts: 7,356 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Why oh why are so many people allowed to make a very good living and commit fraud/engage in dubious practices under the umbrella of UK company law?
    Because the companies involved are unlikely to be in the UK. In a typical scam the people phoning up will be middle men with no direct connection to the company whose shares they are promoting, and both will be located overseas, probably in different countries (though they may set up a UK phone line or virtual office to hide the fact).

    The shares being promoted may be in a major sounding market like the USA, but in the unregulated microcap market which should be avoided at all costs:
    https://en.wikipedia.org/wiki/Microcap_stock_fraud

    As a result the UK authorities have little power to pursue them. Even if they did try to involve other countries since the middle men have no fixed abode they can switch countries as soon as they feel the heat, and the microcap companies whose shares were sold will claim they were not involved (and that might even be true if it was a simple "pump and dump").
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