Fraud scoops 2 million pounds
The News Review:
- Fraud scoops 2 million pounds
- US Brazilian Law Enforcement Dismantle $50 Million Securities Fraud …
- State Warns Consumers About Vehicle Warranty Scam
Fraud scoops 2 million pounds
News Wales – Mar 20, 2008
In a recent case involving Dyfed-Powys and the City f London Police more than two million pounds was stolen by one single boiler room based in Southern Spain. How Boiler Room Frauds perateThis type of fraud has been in existence for a number of years and it basically occurs when victims are ‘cold called’ by persons claiming to be brokers. They claim that they have an investment opportunity in companies that have yet to be floated on the stock exchange. They are very convincing and will groom victims over a number of weeks persistently calling them trying to persuade them to part with their money… Victims are assured that the value of their investment will grow and that the companies they have invested in are about to ‘float’ and most do receive share certificates. Normally the victims will not become suspicious until they decide normally months later to see how their investment is going. nly then do they find that the contact telephone numbers they were originally given no longer exist and no record of the companies can be found in any of the financial markets. In effect what has happened is that the ‘boiler room’ has shut down and then opened up again under a different name selling shares in other companies. ften the same people that were originally targeted are contacted again by the new boiler room with the brokers claiming that they can take the original shares off their hands providing of course that the victim invests even more money in the new stock. Investigating Boiler Room FraudIn a recent case involving Dyfed-Powys and the City f London Police over two million pounds was stolen by one single boiler room based in Southern Spain. These are very complex cases to investigate because the ’set up’ will probably include persons based overseas using UK phone numbers that are then re-routed to various parts of the world.
US Brazilian Law Enforcement Dismantle $50 Million Securities Fraud …
Earthtimes – Mar 20, 2008
portion of the doleiro operations being managed out of Brazil. "Scam artists who attempt to dupe investors by claiming to represent legitimate financial services will be aggressively pursued both in the U. and abroad" said Assistant Attorney General Fisher. "I want to thank all of the domestic and international agencies for their diligent work in aggressively pursuing this case. "This case involves an international criminal organization that utilized the U… broker dealers and created others that were fictitious. In many instances they even created false governmental entities that touted the legitimacy of the fictitious brokers. Additionally voice over Internet Protocol (VoIP) telephone providers were utilized so that the fictitious brokers had U. phone numbers even though they were located in Brazil and other countries. Since 2005 this fraud scheme has been responsible for the greatest number of victim complaints received by the SEC’s ffice of Investor Education and Advocacy.
State Warns Consumers About Vehicle Warranty Scam
KGMB9 – Mar 20, 2008
The companies offer to sell outrageously priced extended warranties while trying to get confidential personal financial information from the consumers. The calls are in violation of Hawai’i’s Do Not Call law and are generally initiated by scammers using automatic dialers. After hearing a recorded message that the consumer’s auto warranty is about to expire consumers are asked to respond to the telephone call by pressing a number to speak to a representative. After this is done a live person gets on the line and gives the consumer a deceptive pitch that their car warranty is about to expire but an extended warranty is available for purchase. Among the purported warranty companies identified on the calls are: National Auto Warranty Services Warranty Service Center National Auto Warranty and Warranty Activation Headquarters. CP along with numerous states on the mainland are aggressively investigating these scammers and advising consumers not to give in to their underhanded tactics. "If they call you just hang up" warned Stephen Levins executive director for the ffice of Consumer Protection.
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