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The FSA has long warned about the dangers of boiler rooms Investors have been warned to beware of fraudsters targeting former customers of a stockbroking firm that was shut by the Financial Services Authority. The FSA said at least 10 bogus "recovery" firms were cold-calling former clients of Pacific Continental Securities, which was closed last year. The firms have been trying to trick people into paying a fee in exchange for offering to buy their shares. The FSA said the firms were not authorised or permitted to do business. "These firms offer to buy the shares at an attractive price but demand an advance fee," the FSA explained. "This is a scam - as soon as the fee is paid, the firm disappears with the money and without purchasing the shares," it warned. As well as offering to buy shares directly, the bogus firms also make... [read full story]
