Boiler Room Scams

I think it would be useful to set up a thread listing all the Boiler Room Scams that are currently in operation.

What is a boiler room?

Basically, a room full of salesmen (con men really), who are unregulated, and will cold call you to try and tempt you to part with your money and invest in some "amazing" company which will make you a millionaire. The stocks are usually unlisted and therefore difficult to sell once you have bought them. In reality they are likely to be worthless.

They tend to target people who already own shares, and will get your phone number / contact details from lists that they have bought, including shareholder lists.

More often than not, they are based overseas.

Whatever, you should NEVER deal with them, and NEVER deal with anyone who cold calls you from a company who you have never dealt with before.

I hope that this thread will be used for people to list the names of the offending companies, in order to warn others.

To start with, here is a list of those already mentioned on other threads....

Portland Ventures

Elliott Price

Edward Tate

Capital Asset Commodities

Jefferson Holt Consulting

Please feel free to add any more.....

There is a movie called 'Boiler Room' that shows the goings on in that type of game.

here is a link to the review
;http://www.imdb.com/title/tt0181984/

Good thread, Airthrey.


You might want to add Jefferson Holt Consulting to the above list.

Also, to let these con-men know that we are wise to their scams, we should perhaps ask pertinent questions, such as:

Are you regulated by the FSA ? ( if so, whats your reg-number )
Are the shares you are selling me restricted in any way ? ( eg; Reg-144 (I think) )
Can I sell these shares at anytime (through another broker) ?
Are you based in the UK ?

Any others?

trendie said:

Good thread, Airthrey.


You might want to add Jefferson Holt Consulting to the above list.

Also, to let these con-men know that we are wise to their scams, we should perhaps ask pertinent questions, such as:

Are you regulated by the FSA ? ( if so, whats your reg-number )
Are the shares you are selling me restricted in any way ? ( eg; Reg-144 (I think) )
Can I sell these shares at anytime (through another broker) ?
Are you based in the UK ?

Any others?

Click to expand...

Jefferson Holt now added!

This link may be useful in checking people out.

http://directory.google.com/Top/Society/Government/Finance/Regulators/

List of unauthorised overseas firms operating in the UK (as supplied by the FSA).....

Ainsley Consulting SL (now known as Mercier International Group)

Alexander Rothko Associates*

Amherst International

Anderson Fitzpatrick (Switzerland) AG

Argus Global Equities Limited

B A Gelman

Bagnestone

BenjaminFisher SL

Berkley Murray Securities

Berkshire Tax Consultants

Black & White Investments

Boska Settlement Corporation

Bradley Chen & Associates

Braun & Bridgewater Corporation (aka BBGC Corporation)

Breakthrough Venture Partners

Breslan Aliied Limited

Cambridge Global Inc

Capital One Management Inc

Carlton Birtal Advisory Services SL

Carter James SL

Chamberlin Management Inc

Chapman Foster Group SL

Chicago Board of Acquisitions Inc

* Clarington Group (The)

Clarkson Gordon Ltd

Clifton Financial Services

Cohen Edwards Asset Management

Collins Tate & Murchison

Condor Research

Crandale Group

Creston & Childs

Douglas St James

Dunhill Capital

E1 Asset Management

Edward Tate

Elliot Price & Associates

Equity Research Group

Eurotraders

Everest 1 Inc.

Fairchild Roth Financial Inc

Fernvale Associates

Fielding Clifford

First Chartered Capital Corp / First Colonial Trust

First International Equity & Acquisitions Inc

Franklin Asset Management (aka Jefferson Management)

Fraser Hunt Levine

Fridman, Koch and Saul (aka Cambridge Global and Amhers International)

Globeshare

Godwynn International

Goldberg Kravitz (now known as Union Partners SL)

Goodman Management Associates

GS Anguilla

Harrington Advisory Services/Harrington Advisory,SL

Hamilton Asset Management

Handel Ross Advisory

Hannover Markka Capital

Hargill & Black Associates

Harper Mills and Paige Inc

Harrop, Lees, Brown & Co

Henderson Young

Hoffman Philips SL

Hopkins, Pierce & Co Limited

Hyda Florsbanc

International Business Advisors

International Options Trading (PTY) Ltd*

ITB Group

Jackson Cole Investments

Jacob Stern

Jefferson Management (aka Franklin Asset Management)

K P Allen

Kammer, Stuartt Reed

Kerona Trading Ltd

Kline Management Group

Kobe Securities International

Liberty Assets inc

Liberty First Financial Services

Liberty One Advisors LLC*

Livingstone Asset Management

Lombard Grand Inc

Lox International Group

Market Access Group

Maxwell Fleming & Associates

McKenzie Goldstein & Associates*

McKenzie King Ltd

Mercantilebanc Securities Inc

Mercier Interantional Group (aka Ainsley Consulting SL) / Mercier asset Management Inc

Millennium Financial Ltd

Miller Bosses Acquisitions INC.

Morgan Young Financial Consultants

Morrison Cross Financial Investments Ltd

Nationwide Mergers and Acquisitions

Network Capital Partners

Nivo Invest and Trade Corp

Norwich Capital Mutual Funds Limited

Oceanic Equities

Pacific Federal SA

Pan European Investment Management

Pan Pacific Financial

Parker Lane

Parker Rowe

Perlman-Haas Associates

Phoenix Asset Management SA

Phoenix Partners SL

Platinum Asset Management (pty) Ltd

Platinum Placements Management

Premier Equities Limited

Premium Placement

Price Stone

Prime Forestry

Reichman Advisory SL

Rementon & Fitzgerald

Richard Watson Associates

Richmond International

Richmond Royce Advisory Services S.L.U.

RJL International Limited

Royal Asset Management of Canada

Schoefer Davis Limited

Smith Fairchild

SpencerFerguson Financial Services/SpencerFerguson Wealth Management

Stanfield Moritz Associates

Stanley Riebeck Corporation

Stein Banc Commerce

Sukumo Group

Tana Corum Holdings

Thibault Capital Markets

Thompson Weinberg

Tresaderns & Partners SL

Trident Market Advisors

Trillium Drake

Union Partners SL (formerly Goldberg Kravitz SL)

US Capital FX*

Van der Halen Equities

Back to top

Wakeford & Goodridge

Walker Stone

Waterhouse Scott Ltd

Webster, Cohen & Galombik Inc

West Shore Ventures Limited

Willmont Financial SL

Windsor Asset Management

World Market Resources

World Trade Financial Corporation

Yee Seng Global

need information

I need to contact Hargill Black & Associates. Do you have any idea of where could I find their phone number and address.

Best regards,
Mike

Following the general 'thread' of the above I have been approached by Jefferson Holt and told of a report on a particular company in America - Galaxy Minerals. There is a minimum investment and there is a limited response time to sign up. If anyone can give me more feedback on Jefferson Holt Consulting and as to whether there is a chance of it being a decent proposal or just a con.

I also found a link to FSA showing a list of known unregulated overseas firms targeting UK investors: - http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overseas.shtm
- but they weren't on it.

If anyone can answer Trendie's questions to their validity it would be appreciated.
Thanks

hi charlesm.

I was also offered Galaxy Minerals a few weeks back. Obviously the "limited response time" is a ruse to prevent people from conducting due diligence.

Please ask them whether the stock is "restricted" - I believe the US SEC call it Rule 144 or something.
The stock cannot be traded for around 12 months.
And because it is restricted, you need their PERMISSION to trade it, even after the 12 months.
( I am at "work", so I will try to dig out the details later this evening )

Did thet tell you they have connections to JP Morgan and Cazenove ?
When I broached this with them, they said they would get back to me.
( last I heard of them.
And me, waiting to buy £5,000 of Galaxy Mineral stock. If only they would phone me up )

mopccollections said:

I need to contact Hargill Black & Associates. Do you have any idea of where could I find their phone number and address.

Best regards,
Mike

Click to expand...

If you cant find their phone number and address, then do yourself a favour and stop being so stupid.

If you cant work out that any institution which is less than clear about how they can be contacted is going to be somewhat "dodgy", then you deserve to lose all your money.

DON'T DO IT!

Anyone know of profits prophets ? They too refuse to give out details of who / where they are, but some people swear by them & they do seem to have been around a while in fairness

If someone can explain something to me, being a Newbie, with the offer of Galaxy Minerals.

At the weekend there were approx 60,000 shares (12/03/05) this is now just over 600,000 (14/03/05) - are there a lot of people falling for a scam and a lot of Boiler Rooms working with the same information or is it a good report on mineral finds?

PS Trendie - I await any info you may have.

http://news.corporate.findlaw.com/prnewswire/20050131/31jan2005111737.html

Note the bit which says:
"The company recently completed a Stock Equity swap within the United Kingdom relating to 36,000,000 common shares of the company to which reg. 144 restrictions apply."

http://www.sec.gov/investor/pubs/rule144.htm

I am no expert on stocks, etc. So, it could be legit. But, on balance, my choice would be to steer clear.
You may have other views.
hope this helps, charlesm.

FYI, I've just had a call from a Boiler Room operation in Florida offering me shares in an OTC company that has found a cure for breast cancer. When they asked me who I worked for, I said the FSA (a lie). They hadn't heard of them, so I told them they have a similar role to the SEC, at which point they ended the conversation.

Just a warning, as I'm sure they're targeting a lot of people in the UK.

I'm a newbie on this board, but not when it comes to trading the American exchanges...

As a general rule, I don't trade OTCBB stocks, they are too easily manipulated by the mms.

Likewise, and for the same reason, I don't trade anything selling under $1. Additionally, shares selling under $1 usually have large floats, and are not worth the reams of paper issued.

Another boiler room scam are the newsletters (TODAY'S TOP PICKS!!!). The subway.com just got hit with a big fine for their pump-and-dump act.

Trade on fundamentals, not news. Make sure there is sufficient daily trading liquidity, otherwise the mms are calling the shots.

There is no way in hell I would buy a stock based on an unsolicited phone call, email, etc.

These are my own rules I learned along the way, your mileage may vary.

Cheers....

Airthrey,

I would like to nominate Langley Advisory to your collection.

http://www.langleyadvisory.ch/

Got call from them this week.
Usual speil: got my number from a web-promo !!; want to build a relationship; special research access; really good deal - but you must hurry, and buy within 48 hours.

I find this really funny

Has anyone had dealings with Argus Global Equities.

Are they reliable and trustworthy?

Any company with the word 'Global' in its name, especially a financial one is a company best avoided.

Case in point Argos Global Equities.

But then people don't like me saying things because I'm too cynical.

Lucky for me, otherwise I might have fallen for the sales patter and bought a chunk of New Millenium Medical (NMM) - bwahahahahaha

?????

Hi Mike

Are you still looking for Hargill Black?

Another couple of dodgy dealers

Kensington Price - currently pushing New Millenium Medical/Packaging

Black and White Investments now appear to be trading as the BWI Group - new name, same old scams