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Investors in closed brokers 'being cold called by fraudsters'

Cold callers are targeting customers who previously used a stockbroking firm which was shut by the Financial Services Authority (FSA), the regulator has said.Clients of Pacific Continental Securities are now being contacted by "at least ten" firms, according to the watchdog.The firm was shut down after an investigation, which revealed that it was employing hard - sell techniques on customers and forcing them in to buying up worthless shares.Now, the customers are being called by fraudsters - who offer to buy back these shares for a fee, or to pass their details on to other "buyers". However, the FSA says that these claims are false."These firms offer to buy the shares at an attractive price but demand an advance fee," the watchdog said in a statement. "This is a scam - as soon as the fee is paid, the firm disappears with the money and without purchasing the shares."

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