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beware cold callers

Discussion in 'Share Investing Strategies, Theories & Education' started by Nigel Ward, 27th Mar, 2007.

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Nigel Ward Well-Known Member

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See this media release Australian Securities and Investments Commission - 07-75 ASIC works with Singapore and the US to stop cold calling scheme targeting currency and commodity options

The Australian Securities and Investments Commission (ASIC) has warned people to ignore any information they receive from an international cold calling scheme targeting Australians. The scheme, known as "Metrofinancials" or "Metro Financials" has been investigated by ASIC, together with the Commercial Affairs Department of the Singapore Police Force and the Commodity Futures Trading Commission (CFTC) in the United States of America (US). According to ASIC, "[t]he CFTC has charged nine entities alleging the creation of fictitious US futures exchanges, brokers and a US futures regulator, defrauding people around the world out of millions of dollars". Greg Tanzer, ASIC’s Executive Director of Consumer Protection said "[w]e strongly urge any investor who may be caught up in this fraud not to hand over any further money and to contact ASIC. Metrofinancials is not a registered company and does not hold an Australian financial services licence. Consequently, it cannot legally provide financial services in Australia".
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Nigel Ward, 27th Mar, 2007

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