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Warning - follow-up scam calls increase

News Release 5 April 2004

Warning - follow-up scam calls increase

The Securities Commission is warning people not be taken in by follow-up approaches from overseas boiler rooms.

“Many New Zealanders have been scammed by overseas callers who have sold them shares which turn out to be worthless,” Director of Enforcement Norman Miller said, “or who have taken the money and not bought any shares at all.”

These calls have been very common over the last couple of years. A lot of people have lost a lot of money.

Now people are being called again, apparently by a new “broker”, who offers to buy or trade the worthless shares. Of course, the person has to pay more money before this can happen.

“These follow-up calls are all part of the original scam. People should hang up on the callers,” Mr Miller said. “They should not be tempted to take up the offer by sending more money. It will undoubtedly be lost.”

The Commission publishes on its website the names of companies and “brokers” who have made cold calls to New Zealanders and who do not comply with the law. There are more than 80 names on the list, but this is not exhaustive. These people and companies change their names and addresses often.

ENDS

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