You’ve got to understand," said the voice on the other end of the telephone. "Typically, I don’t make these type of calls. I’ve got people to do that. I’ve got 11 years in this business and worked my way up to senior vice president with 400 clients and $40 million dollars under management. I don’t need this account, but I want it."
The caller was attempting to close a deal for an unknown micro-cap stock by trotting out some of his most impressive facts. But it was all a lie. In fact, he was reading from a script supplied by his employer.
"Perhaps a return of 100 percent in 20 minutes sounds a bit unrealistic," the scam artist read from another script. "But that’s exactly how all our initial public offerings trade. We did three deals last year yielding collectively 34 points within the first ten days of trading. That’s a fact! All I ask for is your vote of confidence this one time. I won’t let you down."
Taken from an actual script seized by state securities examiners, these words encapsulate the danger faced by investors who purchase shares of stock in unknown companies over the phone from people they do not know. Unfortunately, far too many investors are falling for the lure of these “too good to be true” scams. And the telemarketers, playing upon people’s desire for ever-greater financial returns, have been running away with millions of dollars of hard-earned money.
To avoid becoming a victim:
1. Ask your state securities agency for help. When you are contacted by a securities industry representative, particularly if you do not know this person or have not heard of the firm, you must call your state securities agency in order to learn more about the caller and the firm. The simplest inquiry is to ask if they are registered to do business in your state. But you should also ask about the record of the firm and its representative. Are there any past disciplinary events? Are they subject to past complaints? Are they under active investigation? Are there other customer complaints in your state against this firm or agent? The majority of this information is available if you only ask.
2. Ask questions. Even if everything checks out with the state, don’t relay on a company’s glossy brochure. You need to ask about the investments themselves. Where is the company traded? Is it listed in the stock tables printed in your local newspaper? Investigate its trading history. Make phone calls. Find out more about it. Ask the salesperson -- who is making a market in the stock? Who else is buying in your area? Is the salesperson’s firm making a market in this company? The reason you want to ask is that they might be the only market maker. And they might be using cold calling techniques to create a buy demand for a stock that insiders will sell when the price is driven high enough.
طب arabic keyboard العاب بنات سيرفرات اخبار الاردن تحويل العملات منتديات
3. Send copies of your complaints to regulators. When you have problems with a firm, you must send a copy of your complaint to your state securities regulator as well as the NASD. Examiners in the February sweep found hundreds of complaints that individual investors wrote to the firms that were never passed on to regulators. Failing to forward a complaint to the appropriate regulator is a violation of the rules for firms. But if they have stolen your money, what good does that violation do for you? If you call to inquire about a firm, and a previous customer’s complaint never made it into the system, you won’t be protected. So never forget to send a copy of your complaint to the regulators as well.
If you suspect that you may be the victim of investment fraud, call or write the securities agency in your state, province, or territory immediately. For a phone number or address, call the North American Securities Administrators Association at (202) 737-0900. Contact information is also available on the association’s web site at http://gold-oil-ly.blogspot.com.
The caller was attempting to close a deal for an unknown micro-cap stock by trotting out some of his most impressive facts. But it was all a lie. In fact, he was reading from a script supplied by his employer.
"Perhaps a return of 100 percent in 20 minutes sounds a bit unrealistic," the scam artist read from another script. "But that’s exactly how all our initial public offerings trade. We did three deals last year yielding collectively 34 points within the first ten days of trading. That’s a fact! All I ask for is your vote of confidence this one time. I won’t let you down."
Taken from an actual script seized by state securities examiners, these words encapsulate the danger faced by investors who purchase shares of stock in unknown companies over the phone from people they do not know. Unfortunately, far too many investors are falling for the lure of these “too good to be true” scams. And the telemarketers, playing upon people’s desire for ever-greater financial returns, have been running away with millions of dollars of hard-earned money.
To avoid becoming a victim:
1. Ask your state securities agency for help. When you are contacted by a securities industry representative, particularly if you do not know this person or have not heard of the firm, you must call your state securities agency in order to learn more about the caller and the firm. The simplest inquiry is to ask if they are registered to do business in your state. But you should also ask about the record of the firm and its representative. Are there any past disciplinary events? Are they subject to past complaints? Are they under active investigation? Are there other customer complaints in your state against this firm or agent? The majority of this information is available if you only ask.
2. Ask questions. Even if everything checks out with the state, don’t relay on a company’s glossy brochure. You need to ask about the investments themselves. Where is the company traded? Is it listed in the stock tables printed in your local newspaper? Investigate its trading history. Make phone calls. Find out more about it. Ask the salesperson -- who is making a market in the stock? Who else is buying in your area? Is the salesperson’s firm making a market in this company? The reason you want to ask is that they might be the only market maker. And they might be using cold calling techniques to create a buy demand for a stock that insiders will sell when the price is driven high enough.
طب arabic keyboard العاب بنات سيرفرات اخبار الاردن تحويل العملات منتديات
3. Send copies of your complaints to regulators. When you have problems with a firm, you must send a copy of your complaint to your state securities regulator as well as the NASD. Examiners in the February sweep found hundreds of complaints that individual investors wrote to the firms that were never passed on to regulators. Failing to forward a complaint to the appropriate regulator is a violation of the rules for firms. But if they have stolen your money, what good does that violation do for you? If you call to inquire about a firm, and a previous customer’s complaint never made it into the system, you won’t be protected. So never forget to send a copy of your complaint to the regulators as well.
If you suspect that you may be the victim of investment fraud, call or write the securities agency in your state, province, or territory immediately. For a phone number or address, call the North American Securities Administrators Association at (202) 737-0900. Contact information is also available on the association’s web site at http://gold-oil-ly.blogspot.com.
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