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Zoey, JD
Zoey, JD, Criminal lawyer
Category: Fraud Examiner
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Experience:  Active member of the NYS bar since 1989
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Idate shares scam

Resolved Question:

Hi, in the past I bought some worthless 'Idate' shares which were 'restricted' Now I have a company called 'Kiyose Mergers' in Japan, trying to get me more than my money back by offering thousands of dollars for my worthless shares.....a $7000 deposit required. Apparently Idate is being taken over in a 'hostile' bid?? Is this a scam?? I would like to know if Kiyose Mergers exist.

Submitted: 2 years ago.
Category: Fraud Examiner
Expert:  Zoey, JD replied 2 years ago.

Hello,

My name is ***** ***** I will be assisting you with your question.

Yes, this is a scam. Once you have fallen for a boiler room investment fraud in the first place, you make the scammer's short list and they revisit you under a different name to take advantage of you all over again.

Here's what you need to know:

Any time you get an unsolicited investment opportunity from a so-called foreign broker, it is going to be a fraud. The international investment community is filled with warnings about cold callers who try to pressure you into what they say will be a lucrative and time-sensitive investmet. Soliciting abroad is just not what any legitimate financial firm does. It is the #1 sign of an investment fraud.

The boiler room scam comes in two versions. You have now experienced both:

In the first version, you are told that the deal is time-sensitive and that you will have to make a very quick decision. So you buy shares, wire the firm your money and by the time you realize a year or so later you've been taken advantage of (you'll get only worthless stock or nothing at all) your "firm" has disappeared into thin air and your money along with it.

It's the second version for which you've been approached now. Here, a foreign investment company claims to be looking to buy your worthless stock. The figures the agent bounces around are impressive and they claim that the offer will quickly disappear. You don't get much time to dwell on this if you want to make this deal which promises to be very lucrative for you. They are hoping you will be so motivated to recoup your previous losses that you will jump at the opportunity, even though it will cost you an up front fee to complete the deal, because they tell you that there is a restriction on your shares and money you must pay out first in order to release your shares for sale.

The fact is that you never have to pay money out of pocket in order to sell your shares. This is a lie that sounds good enough to fool the uninitiated, but it simply isn't true.All of the money in their offer to you is going the wrong way, from you to them! That's always a scam.

Pay them and you will lose a great deal of money and get nothing.

A financial firm must be registered in its own country with its country's financial regulatory authority and authorized by your own country's financial regulatory authority to trade in the UK. If it can't produce those credentials, it is operating outside of the law and you are setting yourself up for a fraud by dealing with them. Additionally you lose the protection of your own law enforcement authorities and consumer and financial protection agencies.

The Japanese government's financial regulatory authority's wesite. warns about cold callers. You can read the warning here. (see link) , Underneath the warning is a list of cold callers who are claiming to be Japanese registered brokers but who are NOT really registered in Japan and who have no authority to trade there or anywhere else on earth. You will find not find Kiyose Mergers on that list, but these scammers change the name of their companies all the time to defeat the efforts of the international investment community to stop them.

But if you go to the home page of the Japanese Financial Services Authority and go through all of their lists of registered brokers and financial firms, you will not find Kiyose Mergers there either, and that's the more important omission. If they are not registered in Japan, they are trading illegally. And, of course, you can look them up on your FCA's register where if this company were authorized to trade in the UK they would have to be listed. Unsurprisingly, they are not there either.

Avoid this. They are thieves. Report them to your FCA to warn others and to ActionFraud.police.uk. If you gave them sensitive personal information about yourself take all precautions against identity theft. If you sent them money notify your police.



























Zoey, JD, Criminal lawyer
Category: Fraud Examiner
Satisfied Customers: 23968
Experience: Active member of the NYS bar since 1989
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