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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 - 20 Sep 2003 21:14 - 9 of 628

5 July 1991. BCCI closed.

" 1991: International bank closed in fraud scandal
The Bank of England has closed down UK branches of the Bank of Credit and Commerce International (BCCI) over allegations of fraud.
The bank's 120,000 UK customers were stunned by the speed of the closure.

Even BCCI staff were not prepared for the largest ever intervention of this kind by the Bank of England, as deposits worth 250m were frozen.

Over the weekend liquidators from accountants Touche Ross will be entering all 25 branches to carry out detailed examinations of their finances.

The Bank of England also intends to stay open and set up a telephone hotline to help worried investors.

They are advising that the UK Deposit Protection Fund will guarantee investments up to 15,000 but investigators need to find out exactly how much is left in BCCI coffers.

London is at the centre of a global operation to investigate the activities of Luxembourg based BCCI, which is one of the biggest privately owned financial companies in the world.

Lists of useful links

axdpc - 20 Sep 2003 21:17 - 10 of 628

"Fraud at second highest level in a decade"

"UK fraud has trebled in the past year,2002, to reach the second highest level in ten years, topped only by 1995, the year of the 700m BCCI fraud.
The total value of frauds heard in the UK Crown Court soared to 717m in 2002 compared to 244m in the previous year, according to KPMG's Fraud Barometer published this week. The firm said the hike in fraud values resulted in managers exploiting loopholes for their own gain.

The government was hardest hit as it was fraud victim in 22 cases with a combined value of 318m, nearly half of the total national fraud value.

'The huge increases in both the total and average size of fraud cases are extremely worrying, as they demonstrate that companies are failing to take the issue of fraud prevention seriously. Companies need to do more to protect themselves,' said David Alexander, fraud investigation partner at KPMG.

MightyMicro - 21 Sep 2003 20:57 - 11 of 628


Just read your tale of the lady from Allied Dunbar. Not for nothing did they used to be known as "Allied Crowbar". Must have been the influence on her of that aggressive sales training :)

PS: Did she get to keep the money?

Paulismyname - 21 Sep 2003 21:39 - 12 of 628

No MM, not to my knowedge.

Bet she felt "crowbared" as the Judge handed down the sentance

axdpc - 05 Oct 2003 14:48 - 13 of 628

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

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 628

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 628

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

Kayak - 08 Oct 2003 18:31 - 16 of 628

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.

Mr Euro - 08 Oct 2003 18:40 - 17 of 628

thanks kayak :-)

shogun - 08 Oct 2003 18:43 - 18 of 628

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 628

BTW my wife loved the roses :-)

Mr Euro - 08 Oct 2003 19:12 - 20 of 628

:-) 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 628


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.

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

All registered users of 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, 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 and trading guru John Piper.

Gausie - 08 Oct 2003 21:57 - 22 of 628


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

Nick - 09 Oct 2003 08:35 - 23 of 628

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:""


axdpc - 29 Dec 2003 22:12 - 24 of 628

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

Direct impact on any UK companies?

Indirect impact on UK public?

Bones - 29 Dec 2003 23:27 - 25 of 628

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.

Keep your 95 to yourselves chaps!

axdpc - 30 Dec 2003 18:31 - 26 of 628

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.

axdpc - 30 Dec 2003 18:45 - 27 of 628

'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 and the attached software file to see if it contained a virus.'

Paulismyname - 30 Dec 2003 20:26 - 28 of 628

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
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