Bogus shares: the rise of boiler room fraud

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.”

Continued...

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Comments

Just hang up

jonbryce | | Permalink

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.

Just Hang Up

hpyatt | | Permalink

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.