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Urgent Stock Market Message

Florida Boiler Room Shares Con Scams 15,000 Elderly Britons

ConsumerWatch / Scams Mar 15, 2008 - 05:56 AM GMT

By: Sarah_Jones

ConsumerWatch

More than 15,000 Britons have fallen victim to a "Boiler Room" Shares scam that allegedly netted the father and daughter perpetrators more than £35 million.

Paul Gunter, 58, and his daughter Zibiah, 25, were charged by Florida Police with with multiple counts of fraud and money laundering, which carry penalties of 5 to 25 years in prison. Both suspects are British Citizens but resident in the USA and in the process of obtaining US citizenship.


The "Boiler room" operated by cold calling mostly elderly British victims repeatedly and convinced them into buying shares in worthless companies on the basis of false claims of impending discoveries that would send the stock prices soaring.

The suspects are also accused of hijacking the identities of more than 50 publicly traded companies and selling bogus shares in the companies to victims in Britain.

Investors can guard against "boiler room" fraud by not responding to unsolicited offers for investment and always to seek qualified independent financial advice before making any investment decision. Additionally the FSA have produced a Share Investment Scams leaflet that gives further advice.

By Sarah Jones
(c) Marketoracle.co.uk 2005-08. All rights reserved.

The Market Oracle is a FREE Daily Financial Markets Forecasting & Analysis online publication. We present in-depth analysis from over 120 experienced analysts on a range of views of the probable direction of the financial markets. Thus enabling our readers to arrive at an informed opinion on future market direction. http://www.marketoracle.co.uk

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors before engaging in any trading activities.

Sarah Jones Archive

© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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