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ASB BUYS NOTES  |
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| (Updated 24/05/13 23:56) | ||
| GLOBAL DAIRY TRADE | |
| Change in GDT-TWI index -2.1% | Average Winning Price (USD/MT, FAS) 4,549 |
| From Trading Event 92 held 15/5 | |
By: Laura Heathcote | Business News | Tuesday May 15 2012 14:45
New Zealand investors are in danger of being fleeced by a sophisticated new cold-calling share scam.
Fraudsters posing as a legitimate Japanese company, Sumitomo Mitsui Financial Corporation, are cold-calling investors and making lucrative share offers.
Ministry of Consumer Affairs team leader Jarrod Rendle says the so-called boiler room scammers, persuade their victims to sell under-performing shares in their portfolios.
"At some point the documentation suggests that a fee needs to be paid to the US Securities Exchange and that fee is the up-front money transfer fee, once that's paid you'll never hear from them again."
Mr Rendle says because the scammers are using publicly-available share registers, anyone who owns shares could be targeted.
Photo: NZ Herald
Related Subjects
scam |
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