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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.

axdpc - 05 Oct 2003 14:48 - 13 of 521

"Depth of Wall Street corruption exposed" 29/04/2003

http://www.portal.telegraph.co.uk/money/main.jhtml?xml=/money/2003/04/29/cnspitz29.xml&sSheet=/money/2003/04/29/ixcity.html&secureRefresh=true&_requestid=9623

"
A two-year investigation into Wall Street corruption drew to a close yesterday with a $1.4 billion settlement, fraud charges against major banks and disgrace for some of the financial world's leading figures.

...

The harshest words were reserved for Credit Suisse First Boston, Merrill Lynch and Citigroup, which the watchdogs say issued fraudulent share research. Mr Spitzer rounded on chief executives who "shifted risk to unknowing investors while guaranteeing their own rewards".
"

How about the UK branch of Suisse First Boston, Merrill Lynch and Citigroup ?

Mr Euro - 08 Oct 2003 18:11 - 14 of 521

here's a current scam I beleive:

Subj: Your Order
Date: 04/10/2003 20:43:38 Romance Daylight Time
From: LWright86
BCC: My name



Dear AOL Member,
There has been a purchase added to your AOL account on September 25th, 2003.
If this order was unauthorized and you would like to cancel, please Click Here.
Below is listed information about your order:


Product - Love's Embrace Roses

32 dozen long stem red roses
Price - $29.99

_____________________________

Only just seen this but I havent ordered any flowers! Any ideas how I can track it down?

Mr Euro - 08 Oct 2003 18:14 - 15 of 521

If I click on the "click here" can I do any damage? Kayak?

Kayak - 08 Oct 2003 18:31 - 16 of 521

Mr E, it looks like an attempt to extract a password or PIN number from you. Clicking on the link should bring you to a page where this is requested, and I suspect it will be your credit card number and PIN. Clicking should be safe unless you get grey boxes with security warnings, in which case don't proceed. Never enter an important password or PIN unless the address at the top begins https: rather than http: and is what you expect, e.g. www.aol.com.

Mr Euro - 08 Oct 2003 18:40 - 17 of 521

thanks kayak :-)

shogun - 08 Oct 2003 18:43 - 18 of 521

mr euro, you could always click on my favourites and go to "check your aol account" click on view current bill summery, to see what your aol bill is. if it is not showing on there then just ignore the email, better safe than sorry,

Kayak - 08 Oct 2003 18:50 - 19 of 521

BTW my wife loved the roses :-)

Mr Euro - 08 Oct 2003 19:12 - 20 of 521

:-) I clicked on the link and it was nonsense, nothing to worry about (I hope!) Shogun thanks

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
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