DWS Corporate Bond;Scam?

ibrox1

I was wondering if any forum users have heard of this bond and if its a scam?
To let you understand I was approached by a representative (Simon Carter)purporting to be from the Deutsche Bank offering to give financial advice.
He indicated that DWS Global Off shore Corporate 1 year AA Bond would be suitable as it carried no risk to Capital and guaranteed pay out of 7.25%.(Min investment 10K)
Paperwork was sent to me which looks bona fide but there was some dubiety in my mind whether the conditions he suggested(No risk capital and & 7.25% guarantee) was contained in the documents.
I was sent a letter of comfort and was given a categorical assurance about these 2 items, and made aware by Simon that on the Deutsche website there was a warning about a scam revolving around the selling of this bond.
Prior to that I had tried using my own initiative to contact Simon by telephone through a number I had obtained for the bank, and after a few minutes the same person who had contacted me initially phoned me back.
I am suspicious about this as the conditions for the bond seem to be to good to be true.
Also is the website I am accessing really the Deutsche Bank or part of a convincing scam.
Thoughts appreciated and perhaps the editorial team may like to comment.

Browntoa

cold called ??


no previous dealing with them before ??


its a scam

Atreyu107

In the documentation he's provided, is there an ISIN? I've tried to find this on Morningstar/Trustnet and have even googled but can't seem to find any reference to this bond at all.

It's not unusual to find corporate bonds with high interest, but it's high for a reason- Risk. From what you've said so far, this doesn't sound particularly legit.

There is no such thing as no risk to capital.

ibrox1

Hi Brountoa
Firstly yup I was cold called and no previous relationship with them.


Atreyu107


Cant see ISIN but to be honest not sure what that is.
Did you see the Deutsche website warning or is it a genuine website?


The conditions seem to be too good to be true to me.


I read what the letter of comfort says.
"I can confirm that both the principal investment capital and interest obligations are guaranteed to bondholders."
Therefore on a minimum investment of 10K in to our bond after a 12 month period, bond holders would receive a guaranteed £10,725 less management fees of 0.25%

enator

You need to put your brain into gear & tell him to jog on...

AndyT678

Nice use of "dubiety" and you are right to be dubious. It's got to be a scam. 1 year AA rated corporate bond issued at 7.25% to retail investors!!! Nope, no way, no how, not ever.

gadgetmind

ibrox1 wrote: »

Also is the website I am accessing really the Deutsche Bank or part of a convincing scam.

How can we answer that if we don't know what website you're accessing?

gadgetmind

Here s the web site.

https://funds.deutscheawm.com/Home

Here is the warning - "Deutsche Bank has received reports that the Deutsche Bank name and brand are being misused to facilitate an investment fraud scam, whereby members of the public receive calls from someone purporting to be a Deutsche Bank DWS Global Wealth Management employee offering minimum £10,000 investments in a one year DWS Corporate Bond offering high rates of return. The fraudsters are using names, telephone numbers and email addresses not affiliated to Deutsche Bank.
If you have concerns then please contact Deutsche Bank via our switchboard. If you have been the victim of fraud then please report the matter to the Police, via Action Fraud reporting line on 0300 123 2040"

dunstonh

Genuine financial services companies (investment and pension) do not cold call. So there is your first warning.

The terms of the bond are rubbish for the rating and the information is similar to reported known scams.

NEVER NEVER NEVER act on cold calls. Most are scams.

Atreyu107

gadgetmind wrote: »

Here s the web site.

https://funds.deutscheawm.com/Home

Here is the warning - "Deutsche Bank has received reports that the Deutsche Bank name and brand are being misused to facilitate an investment fraud scam, whereby members of the public receive calls from someone purporting to be a Deutsche Bank DWS Global Wealth Management employee offering minimum £10,000 investments in a one year DWS Corporate Bond offering high rates of return. The fraudsters are using names, telephone numbers and email addresses not affiliated to Deutsche Bank.
If you have concerns then please contact Deutsche Bank via our switchboard. If you have been the victim of fraud then please report the matter to the Police, via Action Fraud reporting line on 0300 123 2040"

Good spot!

OP, I'm not sure how you read that warning and still thought this might be legit...

ChesterDog

I can hardly bring myself to write a pertinent question, as this is such an obvious scam that I am rather incredulous that someone might think otherwise and proceed with it. However, in the interests of due diligence...

Who is underwriting this guarantee?