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Tuesday 19th August 2008
While the FSA managed to close down ‘boiler room’ stock broker Pacific Continental Securities last year it seems that the legacy of this hard selling share dealing outfit still lives on. A number of ex-customers of Pacific Continental Securities have been approached by bogus third parties asking if they want to sell shares they acquired from the now bankrupt firm.
As these shares were affectedly worthless the vast majority of investors are jumping at the chance to get some money back, but here is the problem, they need to pay a fee. Any investor who is asked to pay a fee BEFORE any shares are sold should be very concerned as this is not the way in which business is conducted. As you might have guessed, many investors have paid the fee and never heard from the third party again, leaving them substantially lighter on the cash front!
These bogus companies have also been known to ask for ‘finder fees’ to put sellers in touch with possible buyers although yet again, when the fees are paid these companies disappear out of sight. It has never be more important to be vigilant and careful not to be taken in by scams and deals which are just too good to be true. These groups make money off the back of people’s misery and concerns about the future, don’t let it be you next – if the deal looks too good to be true it probably is! |
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