Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Alert: Cold callers from overseas investment scams

Rise in cold callers from overseas peddling investment scams

Five more overseas “brokers” have been added to the Securities Commission list of people who target New Zealanders with dubious offers of shares. They are:

Whitman Wright & Associates of Ontario, Canada;

Miller Bosses Acquisitions Inc of Minneapolis, USA;

Mason McHale Portfolio Management of Hong Kong;

Hanworth Weir Ltd of Singapore; and

Whitby Dumas of London.

“We are receiving several complaints a day about unsolicited phone calls,” Director of Enforcement Norman Miller says. “There are 118 names of dubious firms on our published list.” See http://www.sec-com.govt.nz/invest/overseas_brokers.shtml

Most of the calls are to people who bought shares from overseas callers a year or two ago. Those shares usually turned out to be worthless, and people lost their money.

The follow-up scams occurring now are part of the original scam. A new “broker” calls and offers to buy or trade the worthless shares for a better investment. Of course, the New Zealand victim has to pay more money to enable this to happen.

These “firms of brokers” change their names often. If a caller is not named on our website it does not mean that they are genuine. People should not send money out of the country to “brokers” known only to them by unsolicited telephone calls. Hang up on the callers.

The Commission is aware of more than $20 million lost from New Zealand by people who have paid money to telephone callers in the last 2-3 years.

If you wish to invest in overseas shares contact a New Zealand broker who is accountable under New Zealand law.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news