Boiler Room Scams

By the very nature in which they've contacted you and from what they've trying to sell to you, they do appear to be a boiler room. I will put them on my list, you don't happen to know the name of their web-site, do you?
 
Cheers Pjs39,

It's always nice to have the web-site. It was registered anonymously on 10/4/6, at the latin american registrar and the server is located in Costa Rica. They are right about one thing, it is an international company!
 
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hi guys i was hoping someone can help me out. I bought some shares through benjamin-fisher the summer before last and due to them doing a runner am now stuck with share certificates with restricted ledgers on (stupid idea to buy i know). Does anyone know how I can have these removed so that I can sell them through my normal broker? They are in Atlantic wine agency and distributed diagnostic, inc. Also does anyone know anything about either of these companies? I have been able to follow Atlantic wine through the NASDAQ but distributed diagnostic inc I have lost track of.
Thank you
 
Hi Samsamsam999,

Atlantic Wine Agencies Inc. www.atlanticwineagencies.com (AWNA) current price 17 cents.

http://www.thisismoney.co.uk/news/c...rticle_id=401475&in_page_id=19&in_author_id=5

As for Distributed Diagnostics Inc. (DDGX), on the 23/9/5, it became Textrabet Inc (TXTB), but I can't find any references to either name after that date.

Regarding the restriction, I have been told that after two years you can just contact the share registrar, and they will send you an updated certificate, but I am sure there will be a fee involved.

Regards Rub1
 
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Argus Global Equities Limited Update
Date: 25-Apr-2006

The public is hereby notified that Argus Global Equities Limited has been dissolved in accordance with Section 97 of Part XI of the Nevis Business Corporation Ordinance, 1984 as amended.

For further information, please contact:

Nevis Financial Services Regulation and Supervision Department
Tel: (869) 469-1469 or (869) 469-5521 Ext. 2150
Fax: (869) 469-7739
Email: [email protected]

They are now in The Commonwealth of Dominica.
 
Like many of you on here I get these pestering calls between 2 to 3 times a week. Mainly I just say no and hang up or come up with a ridiculous excuse (last week I told one of these pushy kids that I had just contracted bubonic plague and would he like to try back in 9 months). One company that has been very pushy with me is BWI, selling some really horredous rubbish ie claimtracker to the point where the "broker" was near enough saying yes for me over the phone while I kept quiet. Anyway back to the point, last time I had a call off them was around November i think, but this morning I had one of Cardinal Securities. The reason I mention this is that it seems to be exaclty the same person with near enough the same pitch! Now I don´t intend to buy at all ( I´m not sure I even understand what their website is about) , rule of thumb as about 4 years ago I bought something from barcelona and lost all that I had put in, but are the staff that bad they get fired every four months or is the company just changing every six months! ?
take a look see what you think, and to be honest stay clear!
www.cardinal-securities.com
 
Look at the symbol for the company - a bird with a double cross on its breast.....hmmmm, a double cross......a subtle joke, perchance?
 
Anyone come across En I have been contacted by them with regard to "long term regular income investments" at least I think it is them its someone called Simon who is an ex Barclays broker.
 
bjseed.

How do you know he's an 'ex-barclays broker'?

99.99% chance it's a scam and 100% chance he's never worked at Barclays.
 
anley said:
bjseed.

How do you know he's an 'ex-barclays broker'?

99.99% chance it's a scam and 100% chance he's never worked at Barclays.
Click to expand...

Because he told me; apparently if you ring Barclays and ask to be put through to the floor you can mention his name (can't remember his surname) and they will tell you what a good chap he is.

I'm pretty certain its a scam, quite arrogant to, when I told him I was fully committed to UK stocks at the moment he went on for about 10 mins basically telling me how wrong I was and how I should be exposed to Oil. Which may prove to be right but if you're trying to sell somebody something you shouldn't take the high and mighty approach.
 
I'm just reporting in that I've been contacted several times over the last year, by a boiler room listed by Rub1 earlier on this thread (I'm a newbie). They're called Franklin York Assoc from Pompano Beach, Florida (www.franklinyork.com). Last Autumn they tried to get me to subscribe to an IPO called Visceral Entertainment. A very affable guy by the name of Rob Thomas even sent a fedex envelope stuffed with the prospectus and a (very) basic income statement + balance sheet. From these I calculated the ROCE as 470%.....perhaps something the Colombian cocaine cartel could only aspire to in their wildest dreams!

The prospective growth rates in the first 5 years were awesome.......completely oblivious to any basic secondary school economics text book supply/demand theory that I guess could be found on page one! Of course new entrants would be attracted into the video games market and the exponential prospective growth forecast would return very quickly to a much more sober mean.

Franklin York's latest offering is Transglobal Oil, now recently merged with Energy Farms (ticker TGOC.US)....yes..... its another biodiesel venture. Their new rep for UK customers (and a Brit himself) is Marcus Dalton. I'm supposed to purchase total $150000 at $3.50 per share to get out at $10....."its already been bought by Fidelity Funds". Marcus' boss gave me the spiel about oil deposits under the ocean off California and also referred his former career in the U.S navy......really impressive huh?! perhaps he might have looked over the gunwale and seen an oil slick......such a slick operator!

Of course this stock is an over the counter pink sheet listing. No balance sheet + income statement (however brief) this time around! I wonder what the ROCE is? They've also sent me another envelope, via UPS this time, with only one page inside and with just one paragraph on it, describing their prospective merged businesses! I must admit I find all this much more fun than all those Nigerian 419 scams, but I guess they'll be prudent not to send me a Nigerian oil trading IPO next time around (and of course there's always a next time) from our boiler room friends.
Regards BS
 
I was called by a chap called Jerry Shewtahal at Pioneer Commodities LLC today. Turns out they are actually registered CTA's and members of the NFA, but i was rather surprised at their spiel as it was very boiler roomish, and the patter the sales guy was giving me would have had most people beleiving that options in gasoline are the way to go and that its a guaranteed profit, even though this guy was a licensed AP... very "borderline" marketing by any means, as far as NFA series 3 rulebook goes.

i chatted to this guy for 30 mins during a quiet market spot, or rather, let him talk at me, even though he was quite pleasant, he really didnt seem to have an answer to the fact that theta is your enemy with long options, aside from why I would want to pay a full service broker some enormously fat commission rates to allow him to basically trade nothing more than a gamble with my money on macroeconomic/fundamental/geopolitical vagarities that *might* affect the price of distillate, or might just let me fall victim to time decay.
 
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Arbitrageur said:
I was called by a chap called Jerry Shewtahal at Pioneer Commodities LLC today. Turns out they are actually registered CTA's and members of the NFA, but i was rather surprised at their spiel as it was very boiler roomish, and the patter the sales guy was giving me would have had most people beleiving that options in gasoline are the way to go and that its a guaranteed profit, even though this guy was a licensed AP... very "borderline" marketing by any means, as far as NFA series 3 rulebook goes.

i chatted to this guy for 30 mins during a quiet market spot, or rather, let him talk at me, even though he was quite pleasant, he really didnt seem to have an answer to the fact that theta is your enemy with long options, aside from why I would want to pay a full service broker some enormously fat commission rates to allow him to basically trade nothing more than a gamble with my money on macroeconomic/fundamental/geopolitical vagarities that *might* affect the price of distillate, or might just let me fall victim to time decay.
Click to expand...

Hi Arbitrageur,
Was this guy Jerry Shewtahal phoning you from Florida by an chance, the reason I ask is because I have seen the name Pioneer Commodities, mentioned as a boiler room on this site:

http://www.unjustis.co.uk/Alerts/Alerts.htm

(scroll down and examine the section marked "Boiler Rooms and Cold telephone callers from overseas", it's written on a pink background).

Also did he also tell you the name of their web-site?

Regards Rub1
 
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rub1
www.pioneer-commodities.com based at 4701 N Federal mwy Ste 485, Lighthouse Point, FL 33064

I looked them up on the NFA website and they are listed as licensed members, although I supposed they could also just be using the name of a legit firm.

If they are members and they're doing this sort of telemarketing, they could land in hot water very quickly as the NFA takes a very dim view of making misleading claims about performance.
 
Art in a tin

Spam treat - Things to do with a tin of spam
 

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R Gupta said:
Hi, I have posted the below in GCPO scam. But I think it is more relevant in this thread as well
This pertains to your legal rights:

have had calls to pushing gcpo. gave my nat insurance no to confirm my deyails, now informed that i own the shares !!!. they want payment,loads of calls not going to pay. unsure of my rights any help greatfully recieved.
There are lots of points to consider here but TMF's Boiler Rooms FAQ is a good place to start:

http://boards.fool.co.uk/Message.asp?mid=9471244

1. Preston Wainwright Asset Management www.pwasset.com are a boiler room, ie they are "An offshore unregulated financial organisation that uses high-pressure sales techniques to encourage UK private individuals to buy shares in high-risk companies.

2. General Components Inc (GCPO.OB) is for some reason relatively popular with boiler rooms, its stock is also being pushed by Goldfield Consultants AG www.goldfield.ch, see:

http://boards.fool.co.uk/Message.asp?mid=9251048

A recent SEC filing for the company can be read here:

http://www.sec.gov/Archives/edgar/d...18815_10qsb.txt

And there's one particular comment of interest:

Additionally, in connection with the transactions contemplated by the
Exchange Agreement, the Company and certain investors (the "Investors"),
executed and delivered a Stock Purchase Agreement in which such Investors
received 10,000,000 shares of common stock of the Company for consideration of
$2,000,000.

Ie the company has recently issued a massive amount of stock to some "lucky" people at only 20 cents per share! A material discount to the price at which robinbro was being offered the stock at in the linked thread above, I bet that this is also a big discount to the price at which you're being offered them as well (some lucky person somewhere is going to "make out like bandits").

Personally I can't see any reason why anybody would want to buy stock in this pile of junk, but that is just my opinion.

3. The bottom line though is that you are well within your legal rights to tell these people to get lost. The explanatuion as to why is in the FAQ above:
5. I agreed to buy some shares but I've changed my mind now - the boiler room though say we have a contract!?Don't worry, there's nothing that they can do. To force you to pay they would have to come to the UK and take action against you in a court and quite simply any court would throw out the case because any oral agreement that you have is "illegal", ie the boiler room cannot enforce it against you.

Section 26 of the FSMA explains this clearly: www.hmso.gov.uk/acts/acts2000/00008--c.htm#26

26. - (1) An agreement made by a person in the course of carrying on a regulated activity in contravention of the general prohibition is unenforceable against the other party.

How to deal with cold calls
You could get angry and shout at these people but that will only raise your blood pressure and that's not good for your health. Relax, laugh at them down the phone, tell them that you don't deal with illegal boiler rooms and hang up. If you find a more amusing way to tell them to get lost then please let us know.
Click to expand...

I ask who they want to speak to, then say I'll fetch him/her and leave them holding the line for as long as they wish to wait.
 
MGH said:
I ask who they want to speak to, then say I'll fetch him/her and leave them holding the line for as long as they wish to wait.
Click to expand...
The only problem with that is that with the ear-piece of your phone no longer covered by your ear they can see into your room. They can then take as long as they like and have a good old look around your place and make notes and even, if time permits, leave viruses of which you will be totally unaware, until too late. You don't even have to have the ear-piece pointing at the screen for them to read it - or even have your machine turned on.

E-snooping is ridiculously easy through this method as nobody expects it. And the multi-opening access portals supplied with most phones make it a doddle. Have you ever wondered why there are so many holes in the ear-piece? The human ear doesn't need that many of course, but when they were invented (phones, not ears), the government wanted to make sure they had the capability to use this if ever the bandwidth necessary for them to do so became a possibility.

Obviously, this only applies if you have broadband.

A good counter-measure is to only pretend to leave them hanging on, but in reality, keep the ear piece pressed hard up against the side of your head. Much harder than normal and hold your breath so they don't know you're there. 10 minutes should be long enough. Or if you want to have a real laugh at them, stick it down the front of your trousers (if you're a bloke) or in your hand-bag (if you're a bloke-ess).

In fact, it's a wise precaution to take this evasive action with every call, just in case it's a boiler room pretending to be a friend or relative.

hth
 
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