Don’t be a victim of the boiler room scam

If someone calls you on the phone and wants you to invest your money, hang up.

Do not become a victim of a boiler room scam.

There is news today that the police have arrested over 100 people, both here in the UK and internationally, in what is believed to be the biggest operation against “boiler room” scams.

Boiler room operations typically contact their victims by telephone, with the aim of conning them into purchasing non-tradable, overpriced or even non-existent shares.

The individuals behind these boiler room operations are not authorised to sell shares and are often based overseas. They may try to give the impression that they are calling or writing from the UK.

Share fraud is big business. It is estimated that average boiler room victim loses £20,000 and the cost of this fraud in the UK each year is £200m.

Never invest money based on an unsolicited approach, whether by telephone, post or email.

If you are in any doubt about the legitimacy of an investment offer, seek professional independent financial advice in the first instance.

If an investment offer is too good to be true, that is because it probably is.

The team here is well trained to spot these scams a mile away, so give us a call if you have any doubts.

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