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I have been approached by a company out of Hong Kong and…

I have been approached...

I have been approached by a company out of Hong Kong and want to know if it is a scam. The company os Gumpold Christian and Co

Lawyer's Assistant: Because consumer protection law varies from place to place, can you tell me what state this is in?

Victoria

Lawyer's Assistant: Has anything been filed or reported?

Not that I know of

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

Not at the moment

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Answered in 23 minutes by:
3/4/2018
Zoey, JD
Zoey, JD, Attorney
Category: Legal
Satisfied Customers: 31,435
Experience: Active member of the NYS bar since 1989
Verified

Hi,

I'm Zoey.

I've reviewed your post. Please be patient as I may need to research for you, and it also takes time to compose and type a reply.

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According to ICRIS, the Hong Kong Government's Corporate Register, there is no such company as Grumpold, Christian and Co. licensed to do business in Hong Kong. So this company doesn't check out.

I don't know why they approached you, but the great majority of people who ask a question like this are the targets of an international boiler room investment fraud.

Simply put, a boiler room fraud occurs when you are approached by a so-called foreign broker with what they claim is a lucrative investment deal. They press hard, get you to invest and then run off with your money. You end up with worthless stock or with nothing at all.

The international investment community is filled with warnings about cold callers who try to pressure you into making what they say will be a lucrative and time-sensitive investment. Soliciting abroad is just not what any legitimate financial firm does. It is the #1 sign of an investment fraud, because such contact is unlawful.

The boiler room scam comes in two versions. The first version is what I described above. In the second version, another foreign investment company will claim to be looking to buy some stock from you. It is the same worthless stock you got snookered into buying at some point in the past. You'd be really happy to get rid of those shares and recoup your loss, and the figures the agent bounces around are most impressive.

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. However, It will cost you an upfront fee to complete the deal, because they tell you that there is money you must pay out first to release your shares for sale.

With either version, send them money and you will lose it and get nothing real to show for it.

Here's what you really need to know:

A financial firm must be registered in its own country with its country's financial regulatory authority and authorized by yours to trade in Australia.

Austrailia requires all brokers/brokerages to have a financial services license. If a broker can't produce those credentials, it is operating outside of the law and you are setting yourself up for a fraud by dealing with them. Additionally, you lose the protection of your own law enforcement authorities and consumer and financial protection agencies. You can do a search for Grumpold AFSL on ASIC and, of course, you won't find them there any more than you will find them on ICRIS.

If the above sounds all too familiar, block these folks and don't send them any money. If they contacted you for a different reason please reply and tell me and I'll revise my answer.

If you've fallen for the scam, alert your police and Scamwatch at www.Scamwatch.gov.au

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Customer reply replied 4 months ago
Thank you for this information. That may also trade under GC Advisors (HK) Limited, authorised number(###) ###-####and they claim that Gumpold Christian and Comhas EEA registration(###) ###-#### Would you be able to confirm this for me. Thank you.
Customer reply replied 4 months ago
The last sentacnce should have referenced Gumpold Christian and Co..
Customer reply replied 4 months ago
At them moment I am happy to continue via email

There is a Hong Kong Company called GC Advisors and their number is(###) ###-#### THat said, all that means is that there is a company by that name. They would still have to be licensed to trade by the Hong Kong Securities and Futures Commission. As you can see, they are not. You can run your own search by clicking on the link below, and using the Licensee Search box on the column on the right.

http://www.sfc.hk/web/EN/

Then you can look at ASIC's Professional Registers and discover that they do not have a license to trade in Australia either.

That says it all. No other credentials are important for a stock offering. Registration with Hong Kong's SFC and ASIC is mandatory and, in this case, lacking. This company has no right to trade in stocks anywhere in the world.

EEA registration gives a European the right to live in the UK. Even assuming it checks out, it's simply irrelevant.

I stand by my answer. Send them any money, you're going to lose it.

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Just checking in to see if you need more help or any clarification of my answer. If so, please reply here on this question thread.

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Customer reply replied 4 months ago
Thank you for your help here. I won't be needing further assistance. Regards Ed.

You're welcome, Ed.

I strive for 5-star service. If I have addressed all of your concerns, please take the time to rate my service to you by selecting 5 stars on the rating scale, as a rating of okay or better is the only way that JustAnswer will give us Experts credit for our work. You would still be able to post further follow-ups on this question thread about this for no additional cost, even after I've been rated.

Zoey, JD
Zoey, JD, Attorney
Category: Legal
Satisfied Customers: 31,435
Experience: Active member of the NYS bar since 1989
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

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