Bogus shares: the rise of boiler room fraud

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Boiler room fraud - known also as ‘share scams’ - targets both novice and experienced investors, and is increasingly taking on different forms.

In a recent publication the Fraud Advisory Panel outlines the warning signs and how to report fraud of this type.

According to the Serious Fraud Office, boiler room fraud is:

“The cold calling of victims by fake stockbrokers persuading them to buy stocks or bonds that are worthless or non-existent.”

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Robert Lovell
Managing Editor
AccountingWEB.co.uk
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16th Mar 2011 18:04

Just hang up

If someone phones you trying to sell you shares, just shout them down.  They will be persistent, but just keep shouting over them until they give up.

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By hpyatt
18th Mar 2011 11:23

Just Hang Up

Simpler to tell them you've just filed for bankruptcy - they just say 'Oh - sorry' and hang up. I use it for sales pitches. For market researchers and their ilk I tell them I'm in the Telephone Preference Service - same reaction.

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