boilers

199

Boiler Rooms

This page now has comments and announcements and other info related to the subject.

Defined as offshore sellers of shares. They work by e.mail contact, but most often by telephone, almost always with number withheld - offshore doesn't show up on my NTL system.

Where do they get your details?

Share register occasionally. This is a source for mail hard copy SPAM, as well as the electronic variety.

Questionnaire you responded to, often on a legit website as a popup.

Interesting Conversation Jan 10th 2008

Called from a firm in the EU. Would you take up his offer?

In this short exchange the following were mentioned - "IPO at a specific price, not affected by the markets" "Low Risk" and "Safe". With "a 95% chance of a 15% gain in the first few weeks of trading." The reason for the latter being that IPOs are not set at the full company value.

Bearing in mind that I took up an offer at 50p per share in "Worldwide BioDiesel" which was about to be floated on a European exchange and has since apparently gone totally bust, taking a LOT of my cash with it, I think the above is at least questionable!

The Worldwide BioDiesel fraudsters have been found GUILTY. I am unsure whether any assets they have will be enough to pay out anything, but I had a big sum (for me) in that disaster. Fingers crossed on this count. Hopefully the Pharma Holdings case may also be resolved soon as well. That is potentially an even bigger sum.

The practice of cold calling from overseas to sell stock (usually acting as Principal - they hold a larger block of stock obtained usually at a lower price and probably legally!) is illegal in the UK and there is NO security backup from FSA etc.

Most usually have a website of some form. This is often "Flash" graphics and may have sub-pages, which often do not actually work or are rarely updated. Contacts on such pages often draw a blank - In many non-European examples the time zone element is a complication if attempting to telephone.

Stocks are often on minor US exchanges or on "pink sheet" Regulation "S". The latter usually have a 1 year (or more) no selling restriction within the USA. Some such stock is left valueless when the year is up - some also does rise as well. Some actually do deal in major UK stocks and minor companies which could eventually be quoted as well.

Some companies are promoted by several Boiler rooms - Are they acting in collusion? If you actually hold paper, they could be. Why? The "certificates" entitle you to trade via any broker IF they are valid. There is a tendency to offer to buy a stock, IF and ONLY IF you invest the proceeds in another wonder stock they happen to have. I was moved in this way from Echo resources (somehow at a profit!) into Pharma Holdings.

They have a tendency to call repeatedly, and the "goalposts" stated in the original deal (should you have actually made one) tend to shift - basically they want you to buy MORE stock. This I actually did, before becoming aware of these tactics. I actually resent being told to "liquidate this and that and move into xxx instead". Saying "NO" is of little value - unless you hang up as well! This seems to cut little ice - I guess the training sheet they all use (even getting the same phrases delivered!) covers such arguments! Frequently they are just "At the end of selling a batch of stock" and can only offer relatively small numbers of the stock. Often they later reappear with another tranche of the stock to place!

To Boiler Room Cold callers or ANY callers from such so-called "Brokers"

If you have called me and have been given this link, then bear in mind that I have been ripped off by too many of your ilk, and am simply NOT INTERESTED in paying out ANY more cash to any of you, so sling your hook and don't bother to contact me again. Any links you gave me will be investigated and will feature here if there is ANY material there which looks suspicious

Many are now reported and under investigation.

August 2007

Another alleged share scam!

The company indicated above appears actually not to be in any way fake. See further information on the linked page.

Feb 28th 2007

Pharma Holdings website changing its hosting - For some reason!

Boilers Page2

Second Page - This one has got a bit too big!

New Page Online

Latest news from the Pharma Website here.

New Page Online

Guardian & Associates Inc.

Yet more rats!

After yet another Phonecall tonight - this has led to a very useful site!

2015 August 5 chesterharrisny.com are seeking to buy 6% of Tyman group so that a "client" will have 51%

Address if available.

Questions.

May Follow

You may be able to offer some advice. I was caught in a boiler room scam and bought 4 lots of shares all over 12mths old now. I have tried various ways of getting the shares de-restricted all to no avail. Do you know of anyone in the UK who would handle them for me?

Example

Falklands Oil and Gas. (UK Main Market) (FOGL)

AIGGIG

This firm has closed - I have the certificate for FOG from elsewhere.

Example

Echo Resources. (US Nasdaq)(3kECHR)

Argus Global (Nevis)

Argus was selling this stock 2005 but then moved me out to Pharma. This is, apparently not the first such move they have made. Echo has been mentioned again elsewhere - a firm which picked up the client base.

Echo address is given as in Florida! Quite a few have Florida addresses.

Formerly TVE Corp. (ticker TVEO). They did have a website, but no more. ADVFN currently list 1 employee and CEO Pieter DuRand. Another company exists in Australia (IPO May 9th 06)

Example

Pharma Holdings. (Unlisted) (Pink Sheet prospect or buyout from private)

Argus Global (Dominica)
info@argusglobal.com

The paragraph (right) is from the latest annual report from Pharma, Oct 2006. Note the Bold sentences.

As an investor in Pharma Holdings, one would have an interest in a company with diversified holdings in the medical and pharmaceutical industry. Through several affiliates and companies, Pharma Holdings will grow quickly and become a significant player in the medical industry. Management believes this company will be ripe for a buyout or public offering within the next two years. We are confident that PHI will remain successful in the future despite any possible setbacks. Sound foundations are provided by our clear strategy – with significant investments in world-class research yielding innovative products and services, and our determination to invest in growth segments of the health care sector. The skills, integrity and commitment of our associates, management and Board of Directors can be trusted, giving us the ability to act rapidly, flexibly and with circumspection. Naturally, we also hope for a little luck, which is occasionally needed.

Example

Hollywood Intermediates Inc (US Pink Sheet) (3iHYWI)

Venture Force. (Panama)

Selling blocks in this newish digitising company which is doubling capacity with the funds raised. Share price on US exchange. Code shown above. This stock has dropped to 50% of the value when first mentioned (Oct 2006) There is supposedly a major shareholder who is selling his holding and holding the price down (seems a rather odd argument!) There has also been a share split in this stock. The price is so low that it shows extreme volatility!

Example

Pharma Holdings Phoney purchase offer.

Silver Thorne & Chambers

Singapore based. Offering to buy this stock from holders. Are they also churning the proceeds into something else? The answer to this is yes!

Example

Apollo Resources

Koppell Levine

Example

Quantum Fuel Systems (historic)

IICM

Sold stock but can't now be contacted apparently.

Example

Mobilestream (historic)

Morrison Douglas

Example

Hardy Oil (historic)

Lyndon Pearce Luxembourg.

The Stock is still listed.

Example

Rumanian property etc. Several calls on this subject - initially as a "survey"

New Example Jan 2007

HK international (intertradehongkong.com) (dated 2004)

Regards

Per-Axel Jonsson, Sweden

They said they were in a lawsuit against Argus Global and wanted to buy my shares in Nutrition Holding Corp. They are nothing but a fraud. They are blacklisted by the securities and futures commission in Hong Kong.

The shares I bought from Argus are probably worthless, but I can´t find them anywhere. They are probably like Pharma unlisted. Do you know anything about the Nutrition Holding shares? See further down the page! NHC.

Examples
See also below (1)

Balton Emergence Management Group (historic)- struck off Feb 2006
Enhanced Petroleum resources Inc (Inactive since Jan 2004)

OPUS Financial

Supposedly based in the Bahamas.

Mail

Any information to here please.

Example

Mobil Mail Koppel Levine - after a 15 month silence.

About 15 months ago I was persuaded by Koppel- Levine to buy shares in Mobil mail and was told I had to hold to them for 12 months. Now 15 months later they have contacted me to say this company now called mobil ventures is next in line for a takeover from a company who want to buy them out and replace them in AIM.

Example

Exposed by BBC Radio4 Oct 24th. 2006.

J S Knight

They operate(d) from a basement in Amsterdam apparently.

Example

Share Pushers Shut Down

August 25 2006. and 27th Mail on Sunday. The FSA has won a High Court order to shut down an East Sussex company that helped offshore "boiler rooms" share pushers cheat British investors. FSA investigators believe that Securetrade & Title Company Limited raked in £4million from about 500 victims. Investors were contacted by salesmen from Black & White Investments and Anderson Consulting, both based in Barcelona., but were assured that deals were finalised in this country.

There are, according to the Mail on Sunday other "boiler room" links with several other UK firms, including:-

Gambrill & Co

London accountants

Atlantic Law

Solicitors

Fox Hayes

Leeds lawyers, solicitors.

Boiler Sites

These may not be currently on line. Note similar graphics in several! Wonder why?

They are back!

www.koppel-levine.com

nla

www.interzurich.org

Domain name expired Aug 25th 2006

www.swisstitan.org

Online

www.firstzurich.org

Online

Lyndon Pearce

Quantum Credit

This domain has been used before - currently "parked" or reserved - could reappear.

Guardian & Associates.

G & A Website

*HK International

*This domain name expired on May 15, 2007

Richmond International

Mail dated 4th Nov 2006

Conned By AGE

The bulk of the clauses in the account opening forms are identical word for word for both Argus and Guardian associates increasing the links between them.

They differ in the way they 'operate' though. Guardian is a 'broker' and deals in derivatives like futures etc and the clauses they expect you to sign up to carry even more risk and require more detailed understanding. They claim to get their income from commission.

Argus on the other hand are more advisory orientated and say in their terms that they charge no commission but get their remuneration from a mark up charged in the purchase price of stock. I noticed that one of us reported that Argus told him this was no more than 5%. Of course our suspicion is that they either charge vastly more or are simply in collusion with companies themselves like Pharma just to make a killing.

Has anyone else been told what % Argus charge?

I have not heard directly from anyone who has had dealings with Silverthorn and Chambers. Please email me with any details of proposed deals and/or paperwork for comparison.

Other companies we are looking at are: HK International and Richmond International. anyone who has had contact with these please email. (see Conned By AGE link left)

Thanks

Jim

Re Guardian And Associates. They appear possibly not to be a boiler room. They are about to pay me out re a deal - or so they SAY. I will advise here soon if it actually happens.

SFC Hong Kong.

See new entry here on the subject of HKIT (Hong Kong International Trading) They have no presence in Hong Kong, are not licensed and telephony is subscribed through a business centre. They are now on the warning list re suspected boiler rooms.

Continuation of the thread posted on 5th Nov.

The address on the website is in Roseau Commonwealth of Dominica, the same place as Argus Global!

The practice of allowing firms to act "as principal" in selling blocks of shares is at the root of much of this!

Hi Jim,

Jacqualine should know at least one person, nicknamed "shouldbeworried", who had been contacted by Richmond International. Below you find his message:

shouldibeworried
I have the feeling that most, if not all of these scams are connected. Maybe it is a big mob.
I dealt with a Richmond International, based - they say - in Dominica. Usual website that
says nothing, http://www.richmondintl.com/
usual phone that "I will leave a message", selling stocks of TVEO (became Echo Resources), then NHC (Nutrition Holding Corporation, with Tony Musso CEO) and now IMC Security.Maybe these companies are innocent, meaning that they sold some shares for pennies to one of these scammers, but the final result is - anyway - that I lost a big bunch of money.

Sites run by victims

New section - websites seeking information and providing information.

(1) Opus Financial

Seeking information about this company, its supposed personnel and other possibly linked sites of a similar nature.

(2) Conned By AGE

Yahoo! Group for Investors who have dealt with argus Global Equities

(3) PKStocks

Yahoo! Group on Penny stocks (New group with moderator) The original had been online for a while - prior to my contact with AGE, but annoyingly it has just been deleted.

(4) Boiler Room scams

Group to cover any Boiler Room and similar Illegal Scams. Members may apply to co-moderate this group in order to cover the cases they are involved in.

Related Links

USA Bulletin Board

http://otcbb.com

Nevis Finance
Website. Mail.

Re Argus Global Closed down in Nevis April 2006.

KYCNews

The Pen is Mightier than the Fraud is the site motto. There is a bulletin board and a subscriber option (rather expensive $799 per year!

Singapore Authorities re Silverthorne & Chambers

Those guys who have been approached by S&C may wish to submit their complaints via the following:

http://www.cad.gov.sg/com/complaint.htm

Consumer_Portal

Do that as they are the associates of Argus and should not be left alone to continue with their business.

Page created August 2006 Edited September 18th. 2011. 16.58

Interesting Conversation Jan 10th 2008	Called from a firm in the EU. Would you take up his offer?
In this short exchange the following were mentioned - "IPO at a specific price, not affected by the markets" "Low Risk" and "Safe". With "a 95% chance of a 15% gain in the first few weeks of trading." The reason for the latter being that IPOs are not set at the full company value.
Bearing in mind that I took up an offer at 50p per share in "Worldwide BioDiesel" which was about to be floated on a European exchange and has since apparently gone totally bust, taking a LOT of my cash with it, I think the above is at least questionable!
The Worldwide BioDiesel fraudsters have been found GUILTY. I am unsure whether any assets they have will be enough to pay out anything, but I had a big sum (for me) in that disaster. Fingers crossed on this count. Hopefully the Pharma Holdings case may also be resolved soon as well. That is potentially an even bigger sum.

The practice of cold calling from overseas to sell stock (usually acting as Principal - they hold a larger block of stock obtained usually at a lower price and probably legally!) is illegal in the UK and there is NO security backup from FSA etc.
Most usually have a website of some form. This is often "Flash" graphics and may have sub-pages, which often do not actually work or are rarely updated. Contacts on such pages often draw a blank - In many non-European examples the time zone element is a complication if attempting to telephone.
Stocks are often on minor US exchanges or on "pink sheet" Regulation "S". The latter usually have a 1 year (or more) no selling restriction within the USA. Some such stock is left valueless when the year is up - some also does rise as well. Some actually do deal in major UK stocks and minor companies which could eventually be quoted as well.
Some companies are promoted by several Boiler rooms - Are they acting in collusion? If you actually hold paper, they could be. Why? The "certificates" entitle you to trade via any broker IF they are valid. There is a tendency to offer to buy a stock, IF and ONLY IF you invest the proceeds in another wonder stock they happen to have. I was moved in this way from Echo resources (somehow at a profit!) into Pharma Holdings.
They have a tendency to call repeatedly, and the "goalposts" stated in the original deal (should you have actually made one) tend to shift - basically they want you to buy MORE stock. This I actually did, before becoming aware of these tactics. I actually resent being told to "liquidate this and that and move into xxx instead". Saying "NO" is of little value - unless you hang up as well! This seems to cut little ice - I guess the training sheet they all use (even getting the same phrases delivered!) covers such arguments! Frequently they are just "At the end of selling a batch of stock" and can only offer relatively small numbers of the stock. Often they later reappear with another tranche of the stock to place!

August 2007 Another alleged share scam!
The company indicated above appears actually not to be in any way fake. See further information on the linked page.
Feb 28th 2007	Pharma Holdings website changing its hosting - For some reason!
Boilers Page2	Second Page - This one has got a bit too big!
New Page Online	Latest news from the Pharma Website here.
New Page Online	Guardian & Associates Inc.
Yet more rats!	After yet another Phonecall tonight - this has led to a very useful site! 2015 August 5 chesterharrisny.com are seeking to buy 6% of Tyman group so that a "client" will have 51%

Address if available.	Questions.
May Follow	You may be able to offer some advice. I was caught in a boiler room scam and bought 4 lots of shares all over 12mths old now. I have tried various ways of getting the shares de-restricted all to no avail. Do you know of anyone in the UK who would handle them for me?

Example	Falklands Oil and Gas. (UK Main Market) (FOGL)
AIGGIG	This firm has closed - I have the certificate for FOG from elsewhere.

Example	Echo Resources. (US Nasdaq)(3kECHR)
Argus Global (Nevis)	Argus was selling this stock 2005 but then moved me out to Pharma. This is, apparently not the first such move they have made. Echo has been mentioned again elsewhere - a firm which picked up the client base.
Echo address is given as in Florida! Quite a few have Florida addresses.	Formerly TVE Corp. (ticker TVEO). They did have a website, but no more. ADVFN currently list 1 employee and CEO Pieter DuRand. Another company exists in Australia (IPO May 9th 06)

Example	Pharma Holdings Phoney purchase offer.
Silver Thorne & Chambers	Singapore based. Offering to buy this stock from holders. Are they also churning the proceeds into something else? The answer to this is yes!

Example	Quantum Fuel Systems (historic)
IICM	Sold stock but can't now be contacted apparently.

Example	Hardy Oil (historic)
Lyndon Pearce Luxembourg.	The Stock is still listed.

Example	Rumanian property etc. Several calls on this subject - initially as a "survey"

Examples See also below (1)	Balton Emergence Management Group (historic)- struck off Feb 2006 Enhanced Petroleum resources Inc (Inactive since Jan 2004)
OPUS Financial	Supposedly based in the Bahamas.
Mail	Any information to here please.

Example	Mobil Mail Koppel Levine - after a 15 month silence.
About 15 months ago I was persuaded by Koppel- Levine to buy shares in Mobil mail and was told I had to hold to them for 12 months. Now 15 months later they have contacted me to say this company now called mobil ventures is next in line for a takeover from a company who want to buy them out and replace them in AIM.

Example	Exposed by BBC Radio4 Oct 24th. 2006.
J S Knight	They operate(d) from a basement in Amsterdam apparently.

Share Pushers Shut Down
August 25 2006. and 27th Mail on Sunday. The FSA has won a High Court order to shut down an East Sussex company that helped offshore "boiler rooms" share pushers cheat British investors. FSA investigators believe that Securetrade & Title Company Limited raked in £4million from about 500 victims. Investors were contacted by salesmen from Black & White Investments and Anderson Consulting, both based in Barcelona., but were assured that deals were finalised in this country.
There are, according to the Mail on Sunday other "boiler room" links with several other UK firms, including:-
Gambrill & Co	London accountants
Atlantic Law	Solicitors
Fox Hayes	Leeds lawyers, solicitors.

Boiler Sites	These may not be currently on line. Note similar graphics in several! Wonder why?
They are back!	www.koppel-levine.com
nla	www.interzurich.org
Domain name expired Aug 25th 2006	www.swisstitan.org
Online	www.firstzurich.org
Online	Lyndon Pearce
Quantum Credit	This domain has been used before - currently "parked" or reserved - could reappear.
Guardian & Associates. G & A Website HK International This domain name expired on May 15, 2007 Richmond International Mail dated 4th Nov 2006 Conned By AGE	The bulk of the clauses in the account opening forms are identical word for word for both Argus and Guardian associates increasing the links between them. They differ in the way they 'operate' though. Guardian is a 'broker' and deals in derivatives like futures etc and the clauses they expect you to sign up to carry even more risk and require more detailed understanding. They claim to get their income from commission. Argus on the other hand are more advisory orientated and say in their terms that they charge no commission but get their remuneration from a mark up charged in the purchase price of stock. I noticed that one of us reported that Argus told him this was no more than 5%. Of course our suspicion is that they either charge vastly more or are simply in collusion with companies themselves like Pharma just to make a killing. Has anyone else been told what % Argus charge? I have not heard directly from anyone who has had dealings with Silverthorn and Chambers. Please email me with any details of proposed deals and/or paperwork for comparison. Other companies we are looking at are: HK International and Richmond International. anyone who has had contact with these please email. (see Conned By AGE link left) Thanks Jim
Re Guardian And Associates. They appear possibly not to be a boiler room. They are about to pay me out re a deal - or so they SAY. I will advise here soon if it actually happens.
SFC Hong Kong.	See new entry here on the subject of HKIT (Hong Kong International Trading) They have no presence in Hong Kong, are not licensed and telephony is subscribed through a business centre. They are now on the warning list re suspected boiler rooms.
Continuation of the thread posted on 5th Nov. The address on the website is in Roseau Commonwealth of Dominica, the same place as Argus Global! The practice of allowing firms to act "as principal" in selling blocks of shares is at the root of much of this!	Hi Jim, Jacqualine should know at least one person, nicknamed "shouldbeworried", who had been contacted by Richmond International. Below you find his message: shouldibeworried I have the feeling that most, if not all of these scams are connected. Maybe it is a big mob. I dealt with a Richmond International, based - they say - in Dominica. Usual website that says nothing, http://www.richmondintl.com/ usual phone that "I will leave a message", selling stocks of TVEO (became Echo Resources), then NHC (Nutrition Holding Corporation, with Tony Musso CEO) and now IMC Security.Maybe these companies are innocent, meaning that they sold some shares for pennies to one of these scammers, but the final result is - anyway - that I lost a big bunch of money.

Sites run by victims	New section - websites seeking information and providing information.
(1) Opus Financial	Seeking information about this company, its supposed personnel and other possibly linked sites of a similar nature.
(2) Conned By AGE	Yahoo! Group for Investors who have dealt with argus Global Equities
(3) PKStocks	Yahoo! Group on Penny stocks (New group with moderator) The original had been online for a while - prior to my contact with AGE, but annoyingly it has just been deleted.
(4) Boiler Room scams	Group to cover any Boiler Room and similar Illegal Scams. Members may apply to co-moderate this group in order to cover the cases they are involved in.

Related Links
USA Bulletin Board	http://otcbb.com
Nevis Finance Website. Mail.	Re Argus Global Closed down in Nevis April 2006.
KYCNews	The Pen is Mightier than the Fraud is the site motto. There is a bulletin board and a subscriber option (rather expensive $799 per year!
Singapore Authorities re Silverthorne & Chambers	Those guys who have been approached by S&C may wish to submit their complaints via the following: http://www.cad.gov.sg/com/complaint.htm Consumer_Portal Do that as they are the associates of Argus and should not be left alone to continue with their business.