Feb 24 2010, 09:45
Just read this from FSA. Very unusual result wouldn't you agree? And the money a drop in the ocean (but still most welcomed by the victims, I suspect!)
Seems a rare case of the villains being copped and I believe this scam was organised in the UK and they used UK Banks which is very rare (and stupid).
23 February 2010
The Financial Services Authority (FSA) has recovered approximately £270,000 as a result of action taken against companies involved in a share fraud activity.
This figure is believed to be the full amount invested by victims and it will be repaid to them in full.
Members of the public were cold-called from overseas by individuals saying that they worked for the following brokers: Rothman Capital; Bishop Capital; Bernam Shore; and Investor Relations Corp, and encouraged to buy shares in a company called Eduvest Plc with the promise of a significant return on their investment. They were instructed to make payment into a UK bank account; however the shares were worthless.
The investigation is ongoing.
Margaret Cole, the FSA's director of enforcement and financial crime, said:
"We are extremely pleased to be able to recover and return money to investors who have been persuaded to hand over their money as part of a share fraud scam. Such good news is rare for victims who deal with unauthorised firms, as the money usually disappears without a trace."
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