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Zoey_JD, Criminal attorney
Category: Fraud Examiner
Satisfied Customers: 23530
Experience:  Active member of the NYS bar since 1989
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DTOX company, USA company offering to buy shares, email a contract

Customer Question

DTOX company, USA company offering to buy shares, email a contract offering to buy shares that were purchased 20 years ago and went into oblivion.
Submitted: 9 months ago.
Category: Fraud Examiner
Expert:  Zoey_JD replied 9 months ago.
Hello, This looks like you are being targeted for a boiler room investment fraud. A boiler room investment fraud is characterized by unsolicited contact from a so-called foreign investment broker who uses high pressure techniques to lure you into what he assures you will be a lucrative investment deal. Then he will run off with your money leaving you with worthless stock or with nothing at all except a large deficit in your bank account.Here's what you need to know:Any time you get an unsolicited investment opportunity from a so-called foreign broker, it is going to be a fraud. The international investment community is filled with warnings about cold callers like yours. Soliciting abroad is just not what any legitimate financial firm does. It is illegal and the #1 sign of an investment fraud. The boiler room scam comes in two versions:In the first version, you are told about a time-sensitive investment and pressured to make a very quick decision. So you buy shares, wire the firm your money and by the time you realize a year or so later you've been taken advantage of your "firm" has disappeared into thin air and your money along with it.It's the second version for which you've been approached now. Here, a foreign investment company (probably the same folks who once sold you "DTOX" in the first place with new names) claims to be looking to buy your old worthless stock at a tremendous profit. The figures the agent bounces around are impressive and they claim that the offer will quickly disappear. You don't get much time to dwell on this if you want to make this deal which promises to be very lucrative for you. They are hoping you will be so motivated to recoup your previous losses that you will jump at the opportunity, even though it will cost you an up front fee to complete the deal, because they tell you that there is money you must pay out first from your own pocket in order to release your shares for sale.The fact is that you never have to pay money out of pocket in order to sell your shares. This is a lie that sounds good enough to fool the uninitiated, but it simply isn't true. When you're the seller and have to pay an up front fee, that's always a scam.Pay them and you will lose a great deal of money and get nothing. In order to trade in Australia, a US financial firm has to be registered with the Securities and Exchange Commission and authorized by ASIC to make a deal. This company is neither. Cease all contact with these and any other foreign firms that seek your business in this way. They are all frauds. Send no money. Report the fraud to ASIC and to to warn others.