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This warning email was sent to us by a concerned contact and confirms how serious Boiler Room Scams are.
MONEYWISE GB Ltd -
Independent Financial Advisers
Tel: 01493 604062
or 0845 1279822
Mobile: 07886 098953
Email: info@moneywise.gb.com Web site:
www.moneywise.gb.com
Scam Warning
I have recently been contacted by a company called Stanton Berkley who were offering shares in a US company called Amerossi at $3.15 per share. Whilst I was instantly skeptical about the call, I thought that if I went along with their approach and obtained more information, it would help me to warn clients of Moneywise GB.
The original call to me came out of the blue and referred to some shares that I hold, so they may have got a list from somewhere of shareholders. The sales tactics involve several phone calls and great excitement about the shares that they are selling. They are very persistent.
My research on Stanton Berkley and Amerossi revealed that Amerossi are a genuine company, with a share price of $3.50.
The Stanton Berkley website looked quite official but there was no regulator information and no business address. Several phone calls later, they said that they were sending out a contract note and payment details by FedEx.
The "contract note" was printed on good quality paper but the print quality looked like it had been done by a home computer. It was from G.A.P. International Services Ltd. (US companies do not use "Ltd.") and requested payment to "Adam Frankel, PA Escrow Account #3093484314" at the Beneficiary Bank in Florida. There was no mention of Stanton Berkley.
This is typical of what are called "boiler room scams" – overseas operations using high-pressure selling techniques to persuade UK investors to buy almost worthless shares. Victims who buy these shares are unlikely to see their money again because their shares will have been overpriced and nearly impossible to sell. Boiler rooms are not authorised by the FSA and are based abroad outside their reach, so victims are not protected by the financial services compensation and complaints schemes.
It is easy to imagine that people are taken in by these tactics and it is a pity that the FSA is powerless to do anything other than warn the public about this situation. If you require further information, please let me know.
Regards
Mike Reynolds
Moneywise GB Ltd 2 The Fairway, Gorleston, Great Yarmouth, NR31 6JS is
authorised and regulated by the Financial Services Authority and is
entered on the FSA register (www.fsa.gov.uk/register)
under reference 228327.
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