‘Sucker’ List discovered by Financial Services Authority
Posted on May 19, 2010
Filed Under The Dangers | 1 Comment
An article on the FSA’s site shows that the scamming industry is still alive and well. 38,000 UK names have been discovered on a list used by fraudsters dealing in worthless stocks and shares.
A person (possibly having invested in legitimate stocks previously) is called out of the blue and is offered shares that are essentially worthless, don’t exist, or are subject to a ‘pump and dump‘ scam. High pressure sales tactics are common. The invested money simply disappears and when the would-be investor tries to contact the company in question they find it no longer exists.
The ‘list’ that these people find themselves on is used for repeat scams and further engineering as most likely, the list comes with pertinent information that can be used to gain trust most likely gleaned in previous conversations (even with another ‘company’).
These ‘boiler room’ scams are ever common and have, in recent years, moved more towards the internet versus cold calls but obviously from this report, the industry is alive and kicking.
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