Forgotten Shares?

martindow

A friend was cold called yesterday from someone asking to speak to her husband who died over 15 years ago.  He said that her husband had Alliance and Leicester shares which his company was interested in buying.  My first thought was that this is some sort of scam, but they emailed a non-disclosure document that they want her to sign and return (she has not done this) so I think they do have information about a share holding.  The company is Alpha Capital and Equity Partners which is based in New York.

He had a number of accounts and investments, so it is quite plausible that he also had A&L shares.  Alpha could be above board, but presumably will take a cut of the proceeds.  It seems dubious wanting a non-disclosure agreement which would tie her in while being vague about the details.

A&L is now part of Santander, I believe, so they may have been converted into Santander shares.  How do you suggest she proceeds? Can she find out if these shares exist and reclaim them without using a third party?

Doctor_Who

martindow said:

A friend was cold called yesterday from someone asking to speak to her husband who died over 15 years ago.  He said that her husband had Alliance and Leicester shares which his company was interested in buying.  My first thought was that this is some sort of scam, but they emailed a non-disclosure document that they want her to sign and return (she has not done this) so I think they do have information about a share holding.  The company is Alpha Capital and Equity Partners which is based in New York.

He had a number of accounts and investments, so it is quite plausible that he also had A&L shares.  Alpha could be above board, but presumably will take a cut of the proceeds.  It seems dubious wanting a non-disclosure agreement which would tie her in while being vague about the details.

A&L is now part of Santander, I believe, so they may have been converted into Santander shares.  How do you suggest she proceeds? Can she find out if these shares exist and reclaim them without using a third party?

Sounds very similar to this recent post:

https://forums.moneysavingexpert.com/discussion/6456129/scam-phone-and-email-from-usa

I would treat any cold call regarding finances as a scam.

wmb194

martindow said:

A friend was cold called yesterday from someone asking to speak to her husband who died over 15 years ago.  He said that her husband had Alliance and Leicester shares which his company was interested in buying.  My first thought was that this is some sort of scam, but they emailed a non-disclosure document that they want her to sign and return (she has not done this) so I think they do have information about a share holding.  The company is Alpha Capital and Equity Partners which is based in New York.

He had a number of accounts and investments, so it is quite plausible that he also had A&L shares.  Alpha could be above board, but presumably will take a cut of the proceeds.  It seems dubious wanting a non-disclosure agreement which would tie her in while being vague about the details.

A&L is now part of Santander, I believe, so they may have been converted into Santander shares.  How do you suggest she proceeds? Can she find out if these shares exist and reclaim them without using a third party?

It's a scam, don't talk to them. 

First, no-one will call you to buy shares and secondly, A&L no longer exists, it was bought by Santander. The next step is these guys will ask for money and possibly ID documents. They look through old share registers and call the individuals they find on them.

According to the BBC article linked below, the terms of the merger in 2008 were, "A&L shareholders will get one Santander share for three A&L shares as part of the takeover offer..."

http://news.bbc.co.uk/1/hi/business/7618037.stm

What your friend may own are Santander London listed CDIs that represent shares but she'd need to look into whether they were sold by her husband, when his estate was wound up or whether they were transferred to her. If no-one knows, she/the executor could call Santander's share registrar to enquire - this appears to be Equiniti.

https://www.shareview.co.uk/4/Info/Portfolio/santanderhelp/en/home/Pages/Santander_Nominee_Service.aspx

Eyeful

Treat cold calls or unsolicited emails as scams! IGNORE THEM ALL!                

1. This sounds like an advance fee scam. In this scam, should the mark contact them, they will eventually be asked to send some money "up front", the scammers come up with a verity of reasons for this. If the mark actually sends them money, more reasons will be invented why even more money has to be sent "up front" before the sale can be completed.

Of course the victim never ever gets any money back from the company wanting to buying the shares.

 2. The mark's name then goes on a "suckers list".

3. Some time later, the mark will be contacted by a company who have heard about the victim loosing a large amount to the "fraudsters". However this company specialises in recovering money from scammers. However, this new company, just like the old one, needs some money "up front" and so on!

martindow

Thank you all for taking the time to reply.  After your comments it is clear that these people should be avoided.