Private Investigator Answers Investigation

Boiler Room Scams

Boiler Rooms - The Scam Artists

If you have been taken in by a scam of any form we will help you to recover your money

Boiler rooms operations are share scams. The operator will sell worthless shares at inflated prices to investors that are impossible to sell

Every year rip-off boiler-rooms continue to sting UK investors for millions of pounds despite attempts to crack down. UK investors are cold-called by fake-stockbrokers looking to lure cash out of them. The ruse is remarkably simple. A broker, usually operating from an overseas firm, will cold call an investor and propose they buy shares in a particular company

The share has usually been ramped on online message boards, they could be a small, unquoted company that the broker claims is planning to list and, in extreme cases, the company will not exist at all and the broker is simply selling shares in thin air before taking the money and running. The firms will operate from boiler room 'hotspots', such as Spain, Switzerland, Dubai, Japan, Bermuda or the USA, so they are outside of the remit of the Financial Services Authority. They will have a UK-listed address and a grand sounding name to give an air of legitimacy

They are called 'boiler room' scams because of the highly pressurised sales technique employed by the broker. They can be forceful, persistent and highly aggressive. A common tactic is to create a sense of urgency about a stock, such as telling the investor it will explode any day so they need to invest quickly. It's not only novice investors that get sucked in. The FSA says that it is often experienced and sophisticated investors that fall victim to the scam. Those who fall victim lose an average of £20,000. In the majority of cases, the shares being sold are worthless and the boiler room vanishes, leaving the investor out of pocket

Our clients father was to be met by a "bank official" - evidently a member of the gang - who would meet him at the airport and travel with him, supposedly to Canary Wharf. There is no central body dealing with this sort of economic crime in the UK. We contacted the airport policing authority, who were unable to help without instruction from a regional police force. One of the problems that ensued was that as the transaction was a fictitious scam, there was no geographical area in which a crime had occurred, and therefore each regional force we spoke to would not take the matter up. We spoke to a regional Economic Crime Unit, who did not have the resources

After research to establish who is behind ramped share schemes we have been able to identify who is responsible and, in some instances, recover all or part of an investors money. What you should do next is talk to us. Don't worry about feeling foolish - scamsters rely on their victims feeling personally humiliated at what they see as naiveté; we will not judge you and will listen to your story with empathy. Take a look at what happened to one 419 scamster who tried to defraud our client

If you believe you may be a victim of this or any other sort of scam, get in touch with us. Don't worry about feeling foolish - scamsters rely on their victims feeling personally humiliated at what they see as naivetyé; we will not judge you and will listen to your story with empathy. Please call us on 020 7158 0332

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