BrightSphere Asset Management

[cslwannabe]

Anyone heard of them or had any dealings with them?

They cold called me as someone who previously held Northern Rock shares and said they wanted to buy them and would I complete a 1 page form about the shares I previously held and sign the NDA.

24h later rang me back, as by this time I’d decided it was a scam as found similar stories online, albeit not with BrightSphere per se so deleted their email. I told the guy this and he was adamant they would not be asking me for any funds or personal banking details etc - would just pass my completed form on to their legal department.

Anyone heard of them or been contacted about a smilar offer/scam.

[Simpo Two]

Well if it's this one they're pretty big: https://markets.ft.com/data/equities/tearsheet/pro...

I don't understand their motive though. If I wanted to buy shares in Company X would I telephone previous shareholders? And how did they get your number?

[cslwannabe]

Thanks - not sure though as email he sent says they are based in NY, not Boston. I asked how he got my details - they claim from a list of official shareholders as they are formally trying to obtain a controlling 51%.

My understanding was that the Northern Rock shares ceased to exist though, so it’s irrelevant of how many I once had. He tried to tell me that NR shares became Virgin Money - I believe that only applied to actual customer accounts, nothing to do with the shares.

Edited by cslwannabe on Sunday 27th August 15:57

[Countdown]

cslwannabe said:

My understanding was that the Northern Rock shares ceased to exist though, so it’s irrelevant of how many I once had. He tried to tell me that NR shares became Virgin Money - I believe that only applied to actual customer accounts, nothing to do with the shares.

You would be correct. NR shares have been cancelled and therefore no longer exist.

HMRC said:

Northern Rock (NR)
On 17 February 2008, the Government announced proposals to take NR into a period of temporary public ownership. On 18 February 2008, the Stock Exchange listing of shares in NR was suspended. On 22 February 2008, following the enactment of the Banking (Special Provisions) Act 2008, all shares in NR were transferred to HM Treasury. On 9 July 2008, the Government announced that, as an administrative measure, NR shares transferred to HM Treasury on 22 February 2008 were to be treated as having been cancelled on that date, solely for the purposes of the relief for loss on sale of shares.

[cslwannabe]

Thank you Countdown.

[egomeister]

cslwannabe said:

Thanks - not sure though as email he sent says they are based in NY, not Boston. I asked how he got my details - they claim from a list of official shareholders as they are formally trying to obtain a controlling 51%.

My understanding was that the Northern Rock shares ceased to exist though, so it’s irrelevant of how many I once had. He tried to tell me that NR shares became Virgin Money - I believe that only applied to actual customer accounts, nothing to do with the shares.

Edited by cslwannabe on Sunday 27th August 15:57

This one appears to be in NYL http://www.brightsphereassetmgmt.com/

However the domain also only appears to be 2 weeks old...

It smells scammy to me. As you say, customer accounts were taken over by other entities but he equity was toast and taken over by the government.

[cslwannabe]

Thanks for taking a look egomeister - much appreciated. The email can remain in the bin. Will see if he calls a 3rd after me telling him I thought it was a scam during our last conversation (which was somewhat shorter in duration and easier to bring to a close than the first one!).

[frisbee]

Sounds like they are trying one of these scams:

https://www.fca.org.uk/consumers/recovery-room-sca...

[cslwannabe]

Thanks frisbee. Have submitted the details. That was my first thought based on some articles I found but I hadn’t found that site, which was useful.

[cslwannabe]

3rd phone call from them just now - 8:35pm Bank Holiday Monday. Still adamant it’s not a scam - I told him I’d passed all the details on to the FCA (which I have!) as a potential scam. Shortest conversation to date with him/them.

Also swmbo is a lawyer and advised me against signing an NDA (which is part of the 1 page sheet they want me to sign and return).

Edited by cslwannabe on Monday 28th August 20:46

[Simpo Two]

cslwannabe said:

3rd phone call from them just now - 8:35pm Bank Holiday Monday.

That smacks of desperation - more reason to run away (though if in the US he may not be clued up on Bank Holidays, and besides,, it's evening)

Or maybe tell him you'll fill in his survey but there's a £500 admin fee

It may not be a scam but the dots aren't joining up; at best he's being economical with the truth.

Edited by Simpo Two on Monday 28th August 21:37