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Boiler Rooms Beware

Updated on July 1, 2012

BE ON GUARD AT ALL TIMES.

I recently received a letter that made me shiver. It was from the Government Agency that oversees Financial Services. It informed me that my name had been located on a list currently used by share fraudsters! I have a small portfolio of shares but was at a loss to understand why I was being apparently targeted .

The letter explained that these fellows ring you up out of the blue, cold calling with their wonderfull offers. I realised that over recent times I had indeed had such calls, all promising quick and high returns for investment.Thankfully, I have always been brought up to believe that anything that looks too good to be be true usually is, and also, more specifically, not to deal with any companies that are not regulated by our own Financial Services Agency. the UK Government watchdog.

COLD CALLS SUCH AS THESE OFTEN COME FROM OUTSIDE THIS COUNTRY, SO IF YOU DO LISTEN TO THE PITCH, LET YOUR FIRST QUESTION BE "WHERE ARE YOU CALLING FROM TODAY ? IF IT IS NOT FROM THE UK THEN PUT THE PHONE DOWN AT ONCE WITHOUT CEROMONY.

There is good advice and further comprehensive assistance is avaiable from the FSA at their website and anyone tempted to invest should take warning. These people will often use your first name and all are clearly reading from a prepared script and get easier to spot the more calls you get. Now, I simply thank them for their interest and advise I am no longer investing and so bid them good day, keeping the drawer to the chequebook firmly closed.There truly are enough opportunities for those wishing to invest to do so in the UK with properly regulated companies.

Clearly I am not alone in receiving such calls and would love to hear how others receiving them deal with them. The fact that they keep coming means to me that too many people are falling for the pitches they never sought and which will clearly part most if not all from their hard earned cash.


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