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BOILER ROOMS STILL ACTIVE

Updated on January 19, 2012

BACKGROUND INFORMATION.

Little did I know when I published the Hub entitled "BOILER ROOMS BEWARE" nearly 2 years ago that it would ,in 2012 turn out to be the most read of all my postings. Obviously by weight of Hubs published, the greatest total of reads comes from my Hubs on the journey I took my family on through Cancer from 2010 through 2011 and where today I receive my 12 monthly review at Hospital. Yet for a single Hub, it has been the BOILER ROOM information Hub that has found most readership, and although it is now around 2 years old, has recently received a whole new raft of readings. Thus, it may be something you may wish to read, assuming you have not yet so done, before continuing on with this Hub.

THE ORIGINAL HUB WAS TRIGGERED BY MY RECEIPT OF A LETTER FROM THE FINANCIAL SERVICES AGENCY, TO TELL ME THAT DURING ONE OF THEIR INVESTIGATIONS, THEY HAD DISCOVERED MY NAME ON A LIST USED BY SUCH "SCAMMERS" TO COLD CALL UNSUSPECTING RECEIVERS.

The term "BOILER ROOM" relates to organisations who, usually from off shore or foreign countries, call people to get them to invest in stocks and shares that often turn out to be worthless and the investor loses all his or her cash. The callers, usually male will all seek to build a rapport with the victim and all are very plausible whilst sticking to a prescribed script that they have been given during their "training". Calls will all sound, for example, as if they come from the reputable area of the City of London, but when pushed, the caller will often have to reveal their overseas location, Barcelona and Cyprus are favoured locations in Europe by the way. Locating the source of the call is important, for the vast majority of those calling from such locations are not bona fide and should be got rid of immediately, if not sooner.

Since the original Hub was posted, I have had many more calls of this type, which confirms that the BOILER ROOM culture still rolls on, proving that it must be financially rewarding for those so employed. The caller is employed on a commission only or heavily performance evaluated basis and thus will try to ingratiate withe receiver, for purely personal gain reasons and not as often indicated, to look after the client and his or her interests. The term BOILER ROOM explains exactly what they exist to do,namely, stoke up the interest of the receiver to boiling point and let natural greed take over and thus persuade the receiver to part with significant funds. Seldom is an investment of less than £1000 sought, often many times more, but the caller, wants to establish the connection and will initially be prepared to take an investment in the lower bracket as a key to opening the door for further investment possibilities.

The FSA in UK has a simple message on these matters and essentially that is that prevention is better than cure, so do not be tempted under any circumstances, It really is as simple and straightforward as that, yet clearly, 1000"s are reeled in by these calls on a regular basis.

AVOIDING THE BAIT.

THE ABOVE INFORMATION MAKES IT CLEAR THAT YOU SHOULD HAVE NO TRUCK WITH SUCH CALLERS AND A RECENT HUB BASED ON "DEALING WITH COLD CALLS" WILL BE WORTH VISITING IF YOU HAVE NOT YET DONE SO. HERE I SIMPLY SUGGEST WAYS THAT YOU CAN, IF YOU SO WISH, PUT SOME CHECKS IN PLACE BY TAKING THE INITIATIVE TO THE CALLER.

Initially, the caller will, as indicated above, seek to establish a rapport with you by using your first name, enquiring about your health and well being etc etc. My initial reaction to this type of approach is to have my "ALERT" button activated. Why would someone I do not know want to call me by my first name and ask after my health. The answer is he wants to SELL me something. So, I ask them immediately, "What are you trying to sell me" Most times, the reply is that they are selling nothing but, for example, conducting a survey. 95% of the time this is just plain untrue, so be alert.

If the caller is allowed to proceed, then the "survey" will get on to things that you may have previously invested in, before the big drop actually telling the receiver what is on his offer sheet for you. If you have allowed things to get to this level take great care as you are halfway onto the hook. To extradite yourself, invoke the principle that you would wish to receive what you are being told in written form ,as you do not, EVER, purchase anything over the phone. Quite often that thwarts them and you should prepare for the big hustle. This comes in the form that they cannot do that as time demands an immediate response as they will all have been sold by the next day. Sounds too good to be true? Then it most certainly is likely to be so! Give him your regrets and if you are still interested in anything he may have to say, listen to him attempt to wriggle out of the trap he has built for himself.

Essentially, the above should not be necessary, for a swift "NO THANK YOU" at the start and a replaced receiver is all that is required, but the fact remains that many do not do that and thus dig their own hole to the advantage of the caller.

If however, you do get taken in, then prepare for more. You can expect "UPDATE" calls to tell you how well things are going at your investment and what a shrewd chap you were to get involved and then, just to let you know there is a new opportunity now available that will be of great interest to you! In a pig"s eye it will. Deal with this simply, by advising new found friend that when there is an exit on your first investment AT A PROFIT, that you will consider further, BUT NOT UNTIL. That way you stand a chance of minimising your losses and avoid throwing good money after bad.

Remember, every day, someone, somewhere dreams up a new way of parting people from their cash. The tried and trusted ways of doing just that abound and the BOILER ROOMS are certainly tried and trusted ways that will ensure that you and your hard earned money are swiftly parted if you get reeled in by these people. Take this as fair warning that if you do, then whilst these are unscrupulous individuals and companies that the blame for getting caught up by them lies in only one place, and that is where YOU are left standing.

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