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Ben Jones
Ben Jones, UK Lawyer
Category: Fraud Examiner
Satisfied Customers: 44874
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
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I have been contacted by a Company in Tokyo,Japan to sell

Customer Question

I have been contacted by a Company in Tokyo,Japan to sell some shares for me. The Company name is***** are using the Department of 'foreign equities commission' as the shares are american and I would have to pay an up front refundable deposit.
Are these people genuine or is this a scam?
Submitted: 3 months ago.
Category: Fraud Examiner
Expert:  Ben Jones replied 3 months ago.

Hello, my name is***** am a qualified lawyer and it is my pleasure to assist you with your question today.

Expert:  Ben Jones replied 3 months ago.

Do you have an address and contact details for them?

Customer: replied 3 months ago.
When can I expect your answer?Cyril Pettican
Expert:  Ben Jones replied 3 months ago.

Hi there. Apologies for the delay and thank you for your response; please leave it with me. I am in court for the rest of today so will prepare my advice in a while and get back to you at the earliest opportunity. There is no need to wait here as you will receive an email when I have responded. Thank you.

Expert:  Ben Jones replied 3 months ago.

Thanks for your patience. This is a scam. It is better known as 'boiler room' fraud and usually involves the sale or transfer of company shares.

The ways in such scams operate are as follows:

· You are contacted, most commonly cold-called, by a company that offers to sell you shares.

· If you are being sold shares you will either be buying shares in a non-existent company, or the broker will sell you fake shares in a real company. You may also be asked to pay money up front for commission, security, insurance, taxes, etc. None of these would ever be required in real life. There is no such thing as the foreign equalities commission.

The broker is unlikely to be a real and legitimately registered company. They are also commonly working from professionally looking websites, which have been created very recently. This is because they would have only been created for the purpose of the scam and would not last long before being taken down by the authorities. In this case the website for this company has only been around since the start of 2016 even though they try and claim they have been around since at least 2010. The content of their site is also copied and pasted from other sites, which have now been closed down so they are likely to have ran other similar websites which have been closed down by the authorities.

You can report this by contacting the Financial Conduct Authority on(###) ###-####1000 or by using the Boiler Room Report Form: http://www.fsa.gov.uk/pages/doing/regulated/law/alerts/form.shtml

I hope this has answered your query. I would be grateful if you could please take a second to leave a positive rating (3, 4 or 5 stars) as that is an important part of our process and recognises the time I have spent assisting you. If you need me to clarify anything before you go - please get back to me on here and I will assist further as best as I can. Thank you

Expert:  Ben Jones replied 3 months ago.

My full response should be visible on this page. Could you please let me know if it has answered your original question or whether you need me to clarify anything else in relation to this? If your query has been answered I would be grateful if you could please take a second to leave a positive rating, selecting 3, 4 or 5 starts at the top of the page. Thank you

Expert:  Ben Jones replied 3 months ago.

Hello, do you need any further assistance or are you happy with the above response? Look forward to hearing from you.

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