Boiler room scams

[_V_]

Why is it always some guy calling who sounds like Danny DeVito on speed?

[Alf W]

Just how feckin' stupid and gullible do you have to be to fall for one of these scams?

I've has these sorts of calls on and off for about the past 4 to 5 years and they just scream out 'scam' to anyone with the vaguest amount of common sense.

"Hey buddy, there's nothing in this for us personally but I gotta tell you about this placing that's gonna rise 300% on flotation on Monday and I want you to have part of it."

F U C K OFF!!

[hattra]

£200K or nearly 3 months pay.

So, extrapolating from the profiles given at the top, you must be male, and about 500 years old

[AtW]

£200K or nearly 3 months pay.

What are you - a jigolo?

[Jabberwocky]

Wow your arse must be raw ...

[DimPrawn]

£200K or nearly 3 months pay.

[hattra]

Hmmmm....

So Dim Prawn, forgive me for asking, but how much did you lose?

[xoggoth]

Had some bloke from the US kept calling me on and off for about two years. Never heard of these scams but I certaintly would be wary of investing in something not regulated in the UK. At least with Newton, Fidelity etc. you know what the rules are.

[EternalOptimist]

I like it when they publish bank account numbers to get money on the last page of Private Eye.

wow, I like the new look

[AtW]

I like it when they publish bank account numbers to get money on the last page of Private Eye.

[Asterix]

Greed is good ?

Yet they flood the papers' financial pages with their sad stories. Same as the Nigerian scams. Preying on people's naivety and GREED.

[BoredBloke]

"There's not enough money in Wales & the West for them to bother..."

...........even if they clubbed together

[DimPrawn]

http://www.fsa.gov.uk/pages/Library/...2006/053.shtml

People who fall victim to boiler room scams by purchasing virtually worthless shares lose an average of £20,000, the Financial Services Authority has found.

The survey found that boiler rooms tend to prey on older people. Of those who had fallen victim to boiler rooms, 38% were aged over 60 while 26% of victims were 51-60 years. The majority of victims were male (81%) and most were experienced investors with 41% of victims saying they had been investing for over 11 years. Most victims were from London or the South East. The South West and Wales had the least victims.

Could you be a potential victim?

Most likely to be male
Usually over 51 years old
An experienced investor
Spending on average £20,000
Once you've fallen for one boiler room there is a greater chance you will fall victim a second time

Is it a boiler room?

The firm will not be authorised by the FSA
Most likely to claim to be based in Spain, the US or Switzerland
It will call you out of the blue or a marketing firm will call on their behalf
Once you are on one boiler room's list you may be approached by other boiler rooms
They could pursue you for at least one month even if you don't invest


Anyone else here been called repeatedly by a saleman in "New York" with fast paced sales pitch to make "serious money" through "incredible investment potential"?

Evidently the thickos in the SE are losing £20K a pop, whilst the those in the West are too clever and tight to fall victim.