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Ben Jones
Ben Jones, UK Lawyer
Category: Law
Satisfied Customers: 48718
Experience:  Qualified Solicitor - Please start your question with 'For Ben Jones'
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Lynch & Mullin LLP is looking to purchase shares I own

Customer Question

Lynch & Mullin LLP is looking to purchase shares I own through escrow quoting "US Law" and a regulator called "International Securities & Investment Commission" registered @*****NY. Is this real? What risk might I run in signing an agreement that provides an indemnity to both L&M and ISIC?
Submitted: 1 year ago.
Category: Law
Expert:  Ben Jones replied 1 year ago.

Hello, my name is***** am a qualified lawyer and I will be assisting you with your question today. Do you have more details about the company Lynch & Mullin, such as a website, an email address, etc?

Customer: replied 1 year ago.
Www.lynchandmullin.com***@******.******** Boston, MA 02111
Expert:  Ben Jones replied 1 year ago.

Thank you. 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 either sell you new shares or buy existing shares off you. You may even have been the victim of a similar scam in the past and they are offering you a lifeline by telling you they can buy these shares off you and return some of the money you have lost. Often they will be linked to the original fraudsters or your details would have been obtained from publically available shareholder lists.

· If you are selling your shares the scam would involve a request for a payment in advance. This could be for various reasons, such as commission, security, insurance, taxes, etc. None of these would ever be required in real life and you should not have to pay any such fees in advance of the sale.

· You may be asked to pay by bank transfer, although more dubious payment methods such as Western Union or Moneygram may also be used.

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. In this case the site was only created a month ago. 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. There is also no trace of them on the Massachusetts Secretary of State company register which means they are not a legitimately registered corporation. It also appears they have simply cloned a legitimate company’s website, see for yourself here:

http://www.cmgpc.com/

Do not deal with them any further. 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

Ben Jones and other Law Specialists are ready to help you
Customer: replied 1 year ago.
Would you like me to forward a copy of the contracts that they were using - there is some interesting drafting incl reference to "US Law"
Expert:  Ben Jones replied 1 year ago.

Thank you but we do not keep such documentation and the way we examine fraud is via different methods but I am sure it made for some entertaining reading