New Online Investment Scam Mimics Regulatory Agencies 8/1/2005 - 2,410 views, 31 Comments
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If you get email claiming to be from the Regulatory Compliance Commission, the International Compliance Commission, the International Regulatory Commission, the International Exchange Regulatory Commission, the International Shareholder Protection Division, or some similar sounding agency, offering you an investment opportunity, the best investment you can make is in the energy to hit ‘delete’. This new scam making the rounds is claiming to originate with a fake regulatory agency (the above are some of the names which have appeared in the scam), linking to websites and vouching for certain “brokers” or otherwise offering to the recipient a deal on stock. However, according to American Securities Administrators Association (NASAA) president and New Jersey Securities Bureau chief Franklin Widmann, “These Web sites offer nothing more than fancy window-dressing to lure investors into buying worthless securities from unlicensed stockbrokers.” “The U.S. securities markets are known around the world for being among the safest and most fair, due in no small part to the rigorous and efficient regulatory systems in place here. Con artists are trying to cash in on our good name abroad to lure unsuspecting investors into risky penny stocks and advance fee schemes,” explained Widmann.
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These share scams are getting even more sophisticated. I was contacted by a group from America wanting to buy some shares that it said I owned. I was offered them in a scam some years back but didn’t fall for it. I said I didn’t own any but they said they had me as a registered shareholder but would check. 24 hours later they phoned back and said I was definitely the registered shareholder of 12,000 shares in a company called Glogal Foods, and they wanted to buy the shares for a client and were offering $7.25 each. They said there had been some “wash trading” in the shares and it looked as though they had created an account for me in order to manipulate the share market. However, the shares were legally mine and they would like to buy them. There was slight problem in that there was a restriction on the shares and they would need to lift the restriction and verify the ownership and there would be a charge of $1.25 per share for doing that, but being a foreign investor it would be refundable (if you believe that you would believe anything!!)
So they just wanted $15,000 from me to be put into a escrow account for security! They emailed me a stack of documents from their company “Transatlantic Group Mergers and Acquisitions” supposedly in Chicago.
A quick check revealed the address they were using was the Unilever building in N. Michigan Ave. A check with the US Securities and Exchange Commission showed there was no such company registered in Chicage. The details were passed to the Fraud Investigation Unit but they think the whole operation is computer based from outside the USA. I reported the matter to the UK Police Fraud Investigation Unit and have been stalling the fraudsters for several weeks now to give time for them to be traced.
The latest thing is that they phoned again and said that I could verify my shareholding and prove everything was above board by contacting the International Shareholders Regulatory Bureau in Houston, Texas and they gave me the number +1 713 589 7265 to call to check.
A quick check on the ISRB turned up newspaper articles concerning a fraud of shares in the Beijing Development Corporation in which a buyback of $7.25 was offered and could be verified using this bogus bureau. As the telephone calls have no lag on them I believe they originate either from the UK or Europe and not the US as they try to make out. The matter has been reported to the UK Fraud Investigation Unit as well. Let us hope that these crooks are caught as they have taken a lot of money from other people and there is even a rumour that it is going into funding terrorism.
Comment by Jim — 2/21/2007 @ 3:26 am
I got a call today (5th March) from A “Roger Moon” who also referred me to this fake “regulatory body” - Obviously not been traced yet?
Comment by John — 3/5/2007 @ 6:49 am
The website does exist but hosted by a “cheap” domain name company. It needs removing from the web!
Comment by John — 3/5/2007 @ 6:51 am
I’ve been also contacted (03/05/2007)by “Transatlantic Group Mergers and Acquisitions”, Mr Christopher Haywood, http://www.tgmergers.com/. We ha ve been negotiating for a few days. I was requested to pay USD 5500 to uplift the funds (FRFGOF)that I seems to ow since 4 years ago. They also came with the story of the “International Shareholders Regulatory Board” witch I swallowed and even called to that nummer to check. To make it more real they tell you that you have a security code that you have to use to get any information. It is clear that they identify this way the different victims and when we call they exactly know whom is the “bird”. They tell you that they are a government department. It is done in a very professional manner. congratulations!!! I was prepared to pay USD 2500 to see if it was not a scam. Then, I saw your comments and sent today (03/13/2007) an e-mail back with copy of what is said on the site. Since then they stopped calling me or sending messages. Many thanks for the advise.
Comment by Jose G. — 3/13/2007 @ 9:08 am
I too was approached by an acquisition company ith regard to shares in Beijing Development Corp.
same old ploy offer over the top
then they expect you toput $1. 03 per share to release reg. S 144 they must think all Brits are as thick as they are, I am determined
to trace them to see whether they can run faster than a bullet!
Comment by Peter Unborn. — 4/18/2007 @ 10:36 am
Has anybody who has Beijing development shares been contacted by Unified clearinghouse services. saying we have 72 hours to get rid of our shares or we loose them as a company is taking control of BDC?
Comment by jeff — 5/17/2007 @ 6:58 am
anyone who owns Beijing development shares been contacted by Olsen Aquisitions offering 12.50 a share - any cooments???????
Comment by jeff — 10/8/2007 @ 7:21 am
i’ve just received a phone call from a Tony Francis from Olsen Acquisitions telling me that i have 15000 shares in Global Foods Inc…which is absolute nonsens..they want to give me $12 per share etc..the fact that i don’t own these shares doesn’t seem to matter to them (I have BDC & Sino Real Property shares)..they still faxed me the Exhibit A: US Equities Purchase Agreement which states that i need to pay $7500 to get the restrictions lifted, but i was assured i’ll get it refunded when the transaction is done. he also made it clear that their company can’t lift the restrictions but that only an appointed transfer agent can do it..fact is the transfer agents that was used by BDC are on the ‘Cold calling’ list of the International Registry Commission’s website. I wish these scammers get the biggest pain in their backsides that they won’t be able to walk any more…
Comment by Leana — 10/24/2007 @ 6:18 am
I was contacted by Daniel Merchant from Olsen, then spent half hour on phone with a guy from international shareholder comission…too good to be true
Comment by steve haywood — 10/25/2007 @ 12:19 pm
I foolishly bought shares in safeguard technologies 4 years ago.I received my certificates,but dont seem to be able to contact the company.Last week I got a phone call from WALDON MCLEAN ASSOCIATES ofering to buy my shares at 5 dollars each.They say they are performing a hostile takeover of the company and gave me a number for the Stock Validation Bureau in the US.I rang them and thay confirmed i have shares in safeguard and the only company contracted to buy these shares is Waldon Mcclean.They also noted that there will be a share verification premium payable of 4000,which must be lodged in a USbank into an escrow account in my name.This is fully refundable.This i am told is law in the US.I would really appreciate any feedback.Thank You
Comment by tony fahy — 11/7/2007 @ 2:52 am
I was also contacted by Waldon McLean about a month ago, telling me the same story as the rest. The caller said he was based in Tokyo (British Accent) and even ended up sending me the address of the building he was allegedly working from. I am familiar with Tokyo and easily tried to verify his story. The said building housed the Jamaican Embassy whom I phoned and they informed me that the caller was not based in that building. The next call I got from Waldon McLean, I quized them as to who else was based in the same building. They could not answer correctly so I told him I thought it was a scam and I had no intention ‘doing business’ with them. No contact since. Be very careful especially when someone is asking you for money. I am in Australia and there is no way you have to pay money to verify share ownership here.
Comment by Scott Nicholson — 11/16/2007 @ 5:41 am
I have been called today by Tony Francis saying I own shares in Mobil Oil Stream Incorporated, as same spiel as above. I also was approached by a share company by phone a year ago but felt it was all too dodgy. Mr Francis purports to be located in Salt Lake City, but sounds more like a timeshare scam salesman to me, which I why I googled the name of his company and found this site. I will be interested to speak to him when he calls back tomorrow (telephone number came up as international withheld)
Comment by L Murray — 11/27/2007 @ 9:22 am
Has any one been contacted by a company from the USA asking to buy shares for Beijing Development Corporation and telling you that you need to file a B8 ben tax form and its going to cost $4,000 to do this to release your shares, and if you pay them they can get it filed quicker?
Comment by Maggie Poynter — 12/18/2007 @ 5:26 am
Hi Has any one been contacted by a company asking to buy shares for Beijing Development Corporation and telling you that you need to file a B8 ben tax form and its going to cost $4,000 to do this to release your shares
Comment by Maggie Poynter — 12/18/2007 @ 5:27 am
Has any one heard of: Securities Accreditation Bureau, Scottsdale, Arizona. Maybe another “International Shareholders Regulatory Bureau in Houston” scam for share verification for a fee!
Comment by Graham Bryant — 1/17/2008 @ 7:49 am
i have invested with a site called usacashinvestment.com from dec and this was a 5 days investment and i have not heard anything from them all now and that was from dec4th they accept payments through kasheeq.com which i have also made numerous complaints to informing them that they are doing business with a company that is scammimg people but they still continue
Comment by Tina — 1/20/2008 @ 1:39 pm
Securities Accreditation Bureau, Scottsdale, Arizona Have also had contact from them with regard to Mobile Stream Oil Inc and Nanoforce. They want money for warrants etc would love to exchange information
Comment by Sally Goodall — 1/28/2008 @ 5:43 am
I foolisly invested in Accupoll whose shares are now worthless and have been contacted by a woman suposedly from Belgium who can get 75% of my money back if I invest in “Plaxbox Music solutions” has anyone else come accross this?
Comment by Gareth Wilson — 1/28/2008 @ 7:51 am
Securities Accreditation Bureau. Sally SAB say they are part of the Home Security Dept but I cannot find them except on the SAB website. They want cash up front to verify my shares before a sale! Then say if I default by not paying the shares will have no value. Beware! I think i have been scammed
Comment by Graham Bryant — 1/28/2008 @ 11:02 am
Securities Accreditation Bureau. Graham….We too have been scammed they are asking for money for warrants in Mobile Stream. Beware Crawford Clarke they had cash up front for exchange then put us in contact with SAB. Same scenario as you no money for warrants… shares have no value and will taken then 12 to 18 months to refund monies already sent
Comment by Sally Goodall — 1/29/2008 @ 1:04 am
Has anyone been approached by a company in Arizona to sell shares in Global Resources Corporation (Mobile Stream)?
Comment by John Henderson — 1/29/2008 @ 3:14 am
Mobile Stream .. we were approached by that company too. They were offering shares in Global Resources in return for Mobile Stream shares. I am in UK is anyone else from here affected by all of this?
Comment by Sally Goodall — 1/29/2008 @ 9:39 am
SAB — Sally I am in UK and just had a call from SAB re default notice. Claimed the courts require 12-18 months to refund monies in case of default. I ask for the statute or court ref? They quoted the Patriot Act of 2002! Now researching but anyone know if SAB real? Sally can we ask ISPPP? Do they help?
Comment by Graham Bryant — 2/4/2008 @ 10:28 am
SAB - Sally I have sent info on SAB and linked this page to the SEC asking if it is a SCAM. They will know!I hope!
Comment by Graham Bryant — 2/4/2008 @ 11:12 am
Graham Re SAB have sent all details to our FSA they told us it is a scam and highly unlikely we get our money back.SAB Mobile Stream etc all un-registered companies (with FSA )They are investigating so will let you know.
Comment by Sally Goodall — 2/7/2008 @ 5:59 am
SAB Graham is there any way we could get in touch via phone etc?
Comment by Sally Goodall — 2/7/2008 @ 6:30 am
i have been involved with the Securities Accreditation Bureau http://www.sabureau.us for over a year now and am VERY HAPPY to say that after all of the heartache and nightmare filled nights i followed everything they told me about dealing with and using major american banks that they oversee i have finally received my money and now i am waiting 90 days for my refund.
Comment by peter bennet — 2/20/2008 @ 12:44 pm
i have a very good securities lawyer friend in the U.S. and he advised me that the FSA and the SEC only oversee brokers and brokerage firms and they do not regulate mergers and acquisitions like the Securities Accreditation Bureau does. he also explained to me that the SEC and the FSA are 2 of the biggest waste of goverment funds that r out there. he says everyone in the brokerage bussiness are fully aware of their incompetence. so believe me i know how u feel . thnk god i had this type of information about the SEC and FSA because someone who knows nothing about shares or the market like myself would thnink that they would know . BUT THEY DONT
Comment by peter bennet — 2/20/2008 @ 12:56 pm
SAB - Sally like to chat about this and talk to Peter Bennet. Strange he is the first person with positive feed back on SAB! Can we post tele nos or email addresses on this site?
Comment by Graham Bryant — 2/25/2008 @ 2:00 am
I have tried on several occasions to ring securities accreditation bureau but i can never get through. What telephone number have people used?
Comment by Nick — 5/8/2008 @ 1:38 pm
Has anybody heard from an Anthont Ross from IRFCI. He has been in contact with me for over a year and a half but it has just gone quiet regarding beijing development.
Comment by Nick — 5/8/2008 @ 1:40 pm