Unsolicited investment advice
Discussion
Any of the PH high flying city boys ever heard of a company called Arjent?
I've just had a phonecall offering an investment opportunity,everything sounds kosher, nice web site etc but there is no way in the world I'd invest my hard earned on just that basis.
Although I do have a portfolio it is managed for me & to be honest all I do is look at the numbers at the end of each month to see how things are doing.
What was described to me sounds a bit more risky & whilst not risk-averse I am typically Yorkshire in my attitude to my stash.
I dont particularly want to invest with them but neither do I like to see an opportunity go sailing by so any references gratefully received.
Jeremy
I've just had a phonecall offering an investment opportunity,everything sounds kosher, nice web site etc but there is no way in the world I'd invest my hard earned on just that basis.
Although I do have a portfolio it is managed for me & to be honest all I do is look at the numbers at the end of each month to see how things are doing.
What was described to me sounds a bit more risky & whilst not risk-averse I am typically Yorkshire in my attitude to my stash.
I dont particularly want to invest with them but neither do I like to see an opportunity go sailing by so any references gratefully received.
Jeremy
It's not illegal, I think. BUT, they are probably based in Barcelona, thus outside the same rules as the UK. They operate from call centres in Spain (boiler rooms), selling high risk shares before they have hit the public market (forgotten the term for these kind of shares. Pre-something or other). Basically, you get a nice piece of paper, but you are left with shares you can never sell.
Don't do it. I know 4 people that work in Spain doing this - it's a legal scam.
Don't do it. I know 4 people that work in Spain doing this - it's a legal scam.
Maybe not-so-legal... See below. I bet it's the same type of company that contacted you, who probably have about 10 trading names under one phoney address:
Police swoop in probe into shares fraud
Tony Hetherington, Mail on Sunday
26 November 2006
Reader comments (1)
The Serious Fraud Office has carried out a series of raids in Barcelona as it investigates an alleged multimillion pound international shares swindle, which is said to have defrauded British investors.
Officers from Norfolk and Suffolk, backed by Spanish police, targeted three firms allegedly linked to 'boiler room' share frauds in which false claims and high-pressure sales calls were used to sell shares in risky US companies.
SFO insiders are heralding last Wednesday's raids as a breakthrough in winning Spanish cooperation in the battle to combat alleged cross-border fraud.
One said: 'We seized a number of computers and a large quantity of documents. People in the offices were questioned and will be appearing at a Spanish police station for further interview.'
Emerging Equity Group, one of the companies raided, had been contacting investors in Britain to offer shares in Quest Oil. Company records in the US show that this tiny loss-making California prospecting company, which has no recognised stock exchange listing, now has almost 4,000 shareholders.
The Financial Services Authority issued a statement in May 2005, warning that the broking firm was not licensed to sell shares to the public and that investors would not be covered by the official compensation scheme if anything went wrong.
Police in Barcelona also raided broker Conway Mason, which has been heavily promoting shares in Trans-Global Oil & Technology, a Texas business that also lacks a stock exchange listing and has no published accounts.
The shares have also been touted by unlicensed stockbrokers in Amsterdam and Dubai.
The third firm raided was named by police as Talento Mediterraneo, based on Barcelona's smart Avenida Diagonal.
The city's chamber of commerce said the company was registered just a year ago and described itself as a market research business.
Two addresses in the Icelandic capital Reykjavik were also searched by the police. With more than two dozen 'boiler room' brokers selling dud shares into Britain from abroad, it is unclear what made the SFO single out the firms raided.
But a source close to the investigation linked the Barcelona businesses to the arrest more than a year ago of seven people in Cambridgeshire, Norfolk and Suffolk on suspicion of fraud and money-laundering.
Six of the seven people who were arrested last week remain on police bail pending further inquiries. One has been freed.
Police swoop in probe into shares fraud
Tony Hetherington, Mail on Sunday
26 November 2006
Reader comments (1)
The Serious Fraud Office has carried out a series of raids in Barcelona as it investigates an alleged multimillion pound international shares swindle, which is said to have defrauded British investors.
Officers from Norfolk and Suffolk, backed by Spanish police, targeted three firms allegedly linked to 'boiler room' share frauds in which false claims and high-pressure sales calls were used to sell shares in risky US companies.
SFO insiders are heralding last Wednesday's raids as a breakthrough in winning Spanish cooperation in the battle to combat alleged cross-border fraud.
One said: 'We seized a number of computers and a large quantity of documents. People in the offices were questioned and will be appearing at a Spanish police station for further interview.'
Emerging Equity Group, one of the companies raided, had been contacting investors in Britain to offer shares in Quest Oil. Company records in the US show that this tiny loss-making California prospecting company, which has no recognised stock exchange listing, now has almost 4,000 shareholders.
The Financial Services Authority issued a statement in May 2005, warning that the broking firm was not licensed to sell shares to the public and that investors would not be covered by the official compensation scheme if anything went wrong.
Police in Barcelona also raided broker Conway Mason, which has been heavily promoting shares in Trans-Global Oil & Technology, a Texas business that also lacks a stock exchange listing and has no published accounts.
The shares have also been touted by unlicensed stockbrokers in Amsterdam and Dubai.
The third firm raided was named by police as Talento Mediterraneo, based on Barcelona's smart Avenida Diagonal.
The city's chamber of commerce said the company was registered just a year ago and described itself as a market research business.
Two addresses in the Icelandic capital Reykjavik were also searched by the police. With more than two dozen 'boiler room' brokers selling dud shares into Britain from abroad, it is unclear what made the SFO single out the firms raided.
But a source close to the investigation linked the Barcelona businesses to the arrest more than a year ago of seven people in Cambridgeshire, Norfolk and Suffolk on suspicion of fraud and money-laundering.
Six of the seven people who were arrested last week remain on police bail pending further inquiries. One has been freed.
jasandjules said:
Direct Marketing? Sending people advice via e-mail?
Likely to still be a breach of the FSA rules (been a few years since I sat my exams).
Sooo, a company which breaks the law, possibly not the best to invest in.
Likely to still be a breach of the FSA rules (been a few years since I sat my exams).
Sooo, a company which breaks the law, possibly not the best to invest in.
Interestingly, this is what you are led to believe when sitting your Regs, but if the list is properly 'washed' then it is perfectly legal for an FSA regulated firm to cold call.
As mentioned, many bucket shops were run out of Barcelona and other places.
The regular cons are penny shares, IPOs, fine wines and coins. The latter as they are not regulated.
The former can and often are actually regulated and based in the UK, which to me is a shocker.
There have been a few scandals recently regarding connected parties to the brokers pushing the stock price up articicially, while the broker offloads its Principle position to a series of cold called private investors for a spectacular turn.
It is a very dirty business and few of the firms in this area are respectable.
I would be very interested in learning more of this particular one and would be happy to offer a professional view to a fellow Yorkshireman via PM.
Boxsta said:
Thanks for your replies people, once again PH proves itself to be an invaluable resource.
Horse Apple, if you would like any more info then I am more than happy to give you the web address they supplied and the gist of the conversation.
Horse Apple, if you would like any more info then I am more than happy to give you the web address they supplied and the gist of the conversation.
Thanks, I'd certainly be interested.
www.fsa.gov.uk/register/firmBasicDetails.do?sid=79995
First glance at the website gives the impression that they specialise in raising funds for Pink Sheet/Billboard stocks in the US from UK retail investors.
Running through the list of individuals shows a large number of young people who have not worked at other regulated firms in the past. This could be inferred as being a large tele-sales team working on commission incentives.
Does imply, high pressure sales of high risk investments. You may even find that there is little to no market to sell out of any stock purchased, which in my book makes it worthless the moment you own it.
Plenty of firms like this in the UK and most are perfectly legit. It's not the sort of thing for me though, by a long shot.
First glance at the website gives the impression that they specialise in raising funds for Pink Sheet/Billboard stocks in the US from UK retail investors.
Running through the list of individuals shows a large number of young people who have not worked at other regulated firms in the past. This could be inferred as being a large tele-sales team working on commission incentives.
Does imply, high pressure sales of high risk investments. You may even find that there is little to no market to sell out of any stock purchased, which in my book makes it worthless the moment you own it.
Plenty of firms like this in the UK and most are perfectly legit. It's not the sort of thing for me though, by a long shot.
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