Madden Group

Anyone know anything about the Madden Group,supposedly operating from Buffalo, NY.? I have had a cold call from them,offering to buy shares for an apparently good price.
Should I trust them and what might be their motive in phoning? I have read the comments about Red Brick on this forum and suspect this might be a similar 'company.

just received the same call from madden group, want me to fill in a disclosure but cannot trust cold calls anymore. first geondina, then redbrick, now madden group. sooo obviously fraudulent.

Its a boiler room scam for sure, if they are offering to buy shares that you own then they will offer you a good price but then ask you to forward a fee to them in advance, then they will steal your fee and disappear. If they think youre really stupid they might even try it a second time using some other excuse. Any dealings with them will result in them stealing your money.

annemacleod said:

Anyone know anything about the Madden Group,supposedly operating from Buffalo, NY.? I have had a cold call from them,offering to buy shares for an apparently good price.
Should I trust them and what might be their motive in phoning? I have read the comments about Red Brick on this forum and suspect this might be a similar 'company.

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I had the same call. They sent me the agreement which was very tempting but did not sign it. Through the phone they told me that i will not pay anything or forward them any funds.
The agreement is pretty much ok however when i was asking them for further details regarding the process of closing they coud not explain me as was asking me first to sign and then someone else will call me from escrow company to explain them all.
That was kind of fishy to me since they were not in position to explain. I replied to them by asking them in writing to make certain changes to the agreement to state clearly that no hidden cost or any funds will be requested by me and also to also to have the right to deposit the title shares at my bank and titles to be relaeased as soon as funds in my account.
I wasn't expecting them to contact me after all and they did not so far.
I am wondering though how these people that seam to be very professional can operate in such a way. How do they have access to the shareholders records knowing their telephone numbers, number of shares, e.t.c. They present themelves as agents acting on behlaf of the clients, experts in mergers and acquisitions with prefesional web page,e.t.c, e.t.c. Anyone call fall for this if not carefull.
We do not know if this is a legitimate company especially if you are thousands of miles away unless you hire a local U.S.A lawyer to investigate all
Regards
androsav

The FSA recommends that consumers should hang up if cold called about buying or selling shares.

tomorton said:

The FSA recommends that consumers should hang up if cold called about buying or selling shares.

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I have also been contacted.. very tempting at $15 a share...is this a con...I checked out Madden Group...via a law firm in the same building... they say they are legit.

Anyone got any more info?

The best way to run a scam is via a strictly a legitimate company as a front - the documentation and registrations do not cost much. Especially easy to do in loose jurisdictions.

No reputable brokerage will ever cold-call customers.

tomorton said:

The best way to run a scam is via a strictly a legitimate company as a front - the documentation and registrations do not cost much. Especially easy to do in loose jurisdictions.

No reputable brokerage will ever cold-call customers.

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Guys,
Start google below. This is the escrow company which claims that they will arrange all details of the sale/purchase. Let us know your findings. I am doing the same.

Select American Transfer Co.,
118 Finch Avenue West, Suite B11
Toronto, ON M2N 2H7
Canada

Tel: 416-907-6545
Fax: 905-963-7879

Email: [email protected]
Website: www.selectatc.com

SEC Registration Number: 084-06152
CIK Number: 0001324472

Think about these cold calls rationally. Is it probable that the best opportunity in the market this week was identified by a company you never heard of and never dealt with before and they happened to find your name of all the millions they could have called out of the blue? What did they do for you last week?

Can you not find another equally good opportunity with less risk of being ripped off?

timffy said:

I have also been contacted.. very tempting at $15 a share...is this a con...I checked out Madden Group...via a law firm in the same building... they say they are legit.

Anyone got any more info?

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They are not on the FSA register and they are cold calling people in the UK so no matter what anyone says about them being legit they clearly are not.

tomorton said:

Think about these cold calls rationally. Is it probable that the best opportunity in the market this week was identified by a company you never heard of and never dealt with before and they happened to find your name of all the millions they could have called out of the blue? What did they do for you last week?

Can you not find another equally good opportunity with less risk of being ripped off?

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Tomorton
thanks for your feedback. Actually i wanted to see how this rip off works and offcourse I am not going to give them nothing. I got both so called company names and details that they are involved and reported both to the SEC and Ontario Exchange Commission.

Good work androsav.

Though I'd hate it if John Madden got into serious trouble.

I too have been approached by Madden Group Inc. They are not registered as broker dealer with SEC as they should be (according to the SEC) if buying shares on behalf of third partty. The escrow agent they deal through - Select American Transfer Co. sounds genuine but the SEC registration number they quote in emails appears to be bogus and they do not appear to be registered in Ontario where they are suppodedly based. Beware -do not be tempted !

Why does Select American Transfer Co. sound genuine? Page one of google says otherwise.

http://www.rgm.com/articles/stockwatch4.html

I too have been contacted by Madden group inc, to sell some shares which I purchased through Morrison Cross , who have now been condemned as a boiler room scam, and money laundering.

Madden group seem to have my name from this company and are offering $15 per share.

so yet another scam

Madden group knows your phone number and all info because they were sold the list by the boiler room owner that defrauded you in the first place.Don't be stupid and fall for this shameless scam.Bad bad carma.

Thank goodness I am suspicious and found the T2W website....my boyfriend had a job seeing past the pound signs and was planning his retirement after receiving a cold call from The Madden Group! Fortunately this forum convinced him he was being conned, and now all it is going to cost him is the price of a pizza night out for me when it could have been literally thousands!!

cannywills said:

Thank goodness I am suspicious and found the T2W website....my boyfriend had a job seeing past the pound signs and was planning his retirement after receiving a cold call from The Madden Group! Fortunately this forum convinced him he was being conned, and now all it is going to cost him is the price of a pizza night out for me when it could have been literally thousands!!

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I'm sure he'll never hear the end of it, poor chap. Anyhow well done for finding out, it shows that we're not wasting our time posting all this stuff here. For once there's a happy ending.

Get your bank involved and conduct the "sale" on a bank to bank payment basis. Do not accept "checks" or anything else (CDs / SLOCs....etc).