Thursday September 24, 2020

North’s investors lose £40k to scams

Investors in the North lose an average of about £40,000 each to boiler room scams, which encourage people to buy worthless shares, according to a report published last week.

10th June, 2006

The report, published by the British financial regulator, the Financial Services Authority (FSA), found that investors in boiler room scams in Britain lost an average of £29,000 each. In boiler room scams, unauthorised overseas companies make high-pressure sales calls that encourage a consumer to buy shares which are ‘‘about to go through the roof’’.

However, the shares are completely worthless and the consumer never receives them.

Last week, Bank of Ireland...

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