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Frauds and Scams (SCAM)     

axdpc - 20 Sep 2003 15:08

Reports of frauds, deceptions and scams keep appearing, weekly even daily, on
major news channels and newspapers. Some of these frauds seem just too big and remote to be of immediate, direct relevance to our daily lives. But, we will eventually pay for the consequences and damages, in taxes, costs of goods and services, regulations, copy-cats etc.

I hope we can collect, in one thread, frauds and scams, reported or heard. We must become more aware and more educated to guard against frauds and scams
which impact upon the health, well being, and wealth of ourselves and our families.

Nick - 08 Oct 2003 21:43 - 21 of 521

NEW SCAM ALERT! > www.uk-analyst.com

These guys call themselves EXPERTS - THEY ARE NOT DO NOT BE FOOLED!

They send out 1 or 2 share tips per day having either purchased them previously and lost or have pumped them on toms t1ps site in the past and again lost.
AVOID AT ALL COST IT IS A PUMP AND DUMP EXERCISE WHY ELSE WOULD THEY DO IT.


>>>Free Share t1ps and market comment from the experts in your email!
UK-Analyst.com has signed up a roster of some of Britainís most successful share tipsters and investment writers to produce a hot tip a day sent direct to your email



All registered users of UK-Analyst.com receive a daily tip from investment experts including:

Former Red Hot Penny Shares editor Bruce McWilliams, top chartist David Linton of Updata, award winning founder of the Aim Bulletin Dru Edmonstone, Show Me The Money presenter Tom Winnifrith, Mr covered warrants Andrew McHattie, mining guru Charles Wyatt of minesite, small cap expert Mark Watson-Mitchell, veteran stockbroker and spread-betting expert Charles Vintcent, Rob Cullen the editor of Trendwatch magazine, Andy Griffiths of the award winning AIM and Ofex Newsletter, short-selling legend Evil Knievil, oils guru Stuart Dalby of oilbarrel.com, top chartist and TV pundit Zak Mir, alternative investments expert Iain Maitland, ADVFN CEO and accomplished PA trader Clem Chambers, spread-betting guru Angus McCrone of onewaybet.com and trading guru John Piper.

Gausie - 08 Oct 2003 21:57 - 22 of 521

Nick

Why isnt my name on there? I wish to register a complaint.

Nick - 09 Oct 2003 08:35 - 23 of 521

LOL i think anyone can join email them :-))

Im contacting trading standards as this is clearly in breach of the trade descriptions act ""receive a daily tip from investment EXPERTS including:""


Cheers

axdpc - 29 Dec 2003 22:12 - 24 of 521

"It seems that a massive fraud was behind the collapse of Italyís Parmalat. But how did it happen and who benefited?"

http://www.economist.com/agenda/displaystory.cfm?story_id=2312586

Direct impact on any UK companies?

Indirect impact on UK public?

Bones - 29 Dec 2003 23:27 - 25 of 521

As posted by me elsewhere:

My personal limited company has just received a letter purporting to be official from an outfit called Data Processing Protection Corporation with a PO Box address. It suggests I have a duty to register under the Data Protection Act and asks for £95 to do this (which would include the Information Commissioners fee which is normally £35). The letter implies a connection with the Information Commissioners who police the DPA.

I was immediately suspicious because:

- the letter was addressed to my previous home (and redirected) which I left 4 months ago.

- the letter had a photocopy look about it.

- the letter was signed off without a name, merely "Data Processing Manager"

Having done a Google, I immediately found plenty of information on the scam, and I have a link to an OFT press release stating that an individual called Yewdall has been restrained from misleading advertising of this nature (under many company names) until his case comes up for full trial.

http://www.oft.gov.uk/News/Press+releases/2003/PN+111-03.htm

Keep your £95 to yourselves chaps!

axdpc - 30 Dec 2003 18:31 - 26 of 521

IMHO, US FBI may be the best resourced and experienced agencies to deal with
serious international internet frauds.

The Internet Fraud Complaint Center (IFCC) is a partnership between the Federal Bureau of Investigation (FBI) and the National White Collar Crime Center (NW3C).

IFCC's mission is to address fraud committed over the Internet. For victims of Internet fraud, IFCC provides a convenient and easy-to-use reporting mechanism that alerts authorities of a suspected criminal or civil violation. For law enforcement and regulatory agencies at all levels, IFCC offers a central repository for complaints related to Internet fraud, works to quantify fraud patterns, and provides timely statistical data of current fraud trends.

http://www1.ifccfbi.gov/index.asp

axdpc - 30 Dec 2003 18:45 - 27 of 521

'The Bank of England has warned people to ignore a hoax e-mail which has gone out in its name urging people to install security software.

The Bank warned that files attached to the message should not be downloaded in case they were infected with viruses.

Up to 100,000 people have replied to a forged e-mail address - the first time the Bank has been targeted by a scam.

Experts say the ploy, called "phishing", is used by fraudsters and organised crime to get customer bank details.

The e-mail purported to come from an administrator at the Bank and claimed that downloading the software would help people combat credit card fraud.

Technicians are now checking the e-mail from the address admin@bankofengland.co.uk and the attached software file to see if it contained a virus.'


http://news.bbc.co.uk/1/hi/business/3357239.stm

Paulismyname - 30 Dec 2003 20:26 - 28 of 521

Bones. This is a common scam which I am afraid is wide spread. I get constant warnings from my compliance unit about this issue. If you have time the Data Protection Registrar may be interested to hear from you

Bones - 31 Dec 2003 09:47 - 29 of 521

Paulismyname - thanks. Yes, I gathered from the web that this has been ongoing and a number of individuals have been warned and prosecuted about continuing with it.

axdpc - 04 Jan 2004 22:32 - 30 of 521

Came across this in my daily readings ... new to me ... could have been had
many times in the past - in my trusting days ...

"Front Running

An unethical practice by market makers, they trade an equity in advance to information by their analysis dept. and before their clients have been given the information.

One example of front running are analysts and brokers that buy up shares in company XYZ just before the brokerage is about to recommended the stock as a strong buy.

Another example is a broker who buy's himself 200 shares in stock XYZ just before his brokerage was planning to buy a large block of 400,000 shares."


http://baystreet.investopedia.com/terms/f/frontrunning.asp

A posible scenario ...

Client instruct broker to sell @100 when the market is @100.
Broker sell @100 but waits ...

Either price goes up to 101, broker will count the earlier sell @100 as sell
by the client. Net result broker 0, client 0.

Or, if price goes down to 99, broker will buy @99 (closing his trade) and
count this as the sell from the client. Net result broker +1, client -1.

No risk to broker either way.

axdpc - 08 Jan 2004 11:16 - 31 of 521

BBC Three Counties Radio
10am-12 noon daily - Stephen Rhodes Consumer Programme.
95.5 FM (Beds). 103.8 FM (Herts). 104.5 FM (Bucks).

Paulismyname - 08 Jan 2004 11:54 - 32 of 521

Have just renewed my data protection, the cost is a flat £35 providing you reply within the time frame

axdpc - 08 Jan 2004 12:03 - 33 of 521

Paul, renewing data protection? I thought Data Protection Acts suppose to apply to everyone?

axdpc - 31 Jan 2004 17:05 - 34 of 521

"People who have signed a direct debit instruction thinking they were just claiming a cash prize could get their money back under the Direct Debit Guarantee. An insurance company has been using direct mail letters to market its policy.

But the Hospital Plan Insurance Services letter simply says that the recipient has won a cash prize, and asks them to fill in a claim form.

However, the form is also a direct debit instruction, and by filling it in, people have been signing up for the company's insurance policy, and authorising it to debit the premiums from their bank accounts.
..."


http://news.bbc.co.uk/1/hi/programmes/moneybox/3447667.stm

axdpc - 01 Feb 2004 17:44 - 35 of 521

"The UK's Department of Trade & Industry (DTI) is to start criminal proceeding in the City Slickers share-dealing scandal involving two former journalists of The Mirror.

The move follows a four-year inquiry by DTI inspectors who examined some 41 personal share trades by the two tipsters, Anil Bhoyrul and James Hipwell, who wrote the paper's City Slickers column."


http://www.thisismoney.com/20040201/nm73712.html

axdpc - 01 Feb 2004 21:33 - 36 of 521

"US Hawaii State securities commissioner warns of top 10 scams, frauds."

http://www.hilohawaiitribune.com/daily/2004/Feb-01-Sun-2004/news/news1.html

axdpc - 02 Feb 2004 22:55 - 37 of 521

Not a fraud but just seem vicious ...

"... Hooker Furniture (Nasdaq: HOFT) has done good business by outsourcing much of its production to foreign countries while retaining design and marketing functions in the U.S. But as an article in Friday's Wall Street Journal reported, the company is adopting a Janus-faced stance with regards to its Chinese partners: On the one hand, it demands cut-rate prices from them; on the other, it has joined other U.S. furniture manufacturers in accusing them of dumping their goods at below fair-market value.
..."

http://www.fool.com/News/mft/2004/mft04020215.htm

I have met'know people who behaves like above but wonder how common is this
sort of behaviour in business and commerce.

axdpc - 05 Feb 2004 22:07 - 38 of 521

"don't-install-unknown-softare-how-hard-can-it-be dept.
Cocooner writes "News.com is reporting that some of the anti-spyware/adware software out there is doing more harm than good by acting as double agents. One example is a software package named SpyBan (google cache since the original site has been removed), which happened to be hosted by download.com, accused of installing Look2Me, which monitors and reports web surfing habits. SpyBan was downloaded over 44000 times before it was pulled. How 'low' can they go?"

http://slashdot.org/article.pl?sid=04/02/05/1348212

axdpc - 06 Feb 2004 19:04 - 39 of 521

"Data protection scam shut down
6 February 2004

A DATA protection scam that targeted thousands of businesses has been shut down by the High Court at the request of the official watchdog, the Office of Fair Trading.

Barry, Lee and Joan Parvin ran the self-styled Data Processing Protection Corporation from an address in Guisborough, N Yorkshire. They sent out misleading advertisements relating to notification with the

Information Commissioner under the Data Protection Act 1998.

The ads were designed to look as if they came from an official body and included a £95 charge. Not all business are required to register and those that do pay just £35.
..."

http://www.thisislondon.com/news/business/articles/timid74008?source=

Gausie - 07 Feb 2004 17:03 - 40 of 521

Thought that I should pass this along - it sounds legitimate.....

There is another awful scam going on out there. You should alert any women you know and care about. I don't normally forward warnings about scams, but this one looks important.

If a man comes to your door and says he is conducting a survey and asks you to show him your tits, DO NOT SHOW HIM YOUR TITS. This is a scam.

He is only trying to see your tits.
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