FSA Press Release - Alert On Scam

The Financial Services Authority (FSA) has issued an alert on 19th August 2008 that at least ten ‘recovery firms’ are targeting a scam at investors who bought shares through Pacific Continental Securities (UK) Ltd (Pacific Continental).

Many investors who originally bought shares through Pacific Continental have complained to the FSA that they are being 'cold-called' by firms offering to buy the shares, or to put them in touch with a buyer - for a fee.

These so called 'recovery firms', often calling from outside the UK, are not authorised by the FSA and are not permitted to approach UK consumers to promote financial services.  Commonly known as 'recovery rooms', these firms offer to buy the shares at an attractive price but demand an advance fee.

This is a scam - as soon as the fee is paid, the firm disappears with the money and without purchasing the shares.

The FSA is looking into the complaints.

Pacific Continental went into administration on 20 June 2007 and is now in liquidation.  The liquidators can be contacted on www.pacifictrader.co.uk.

Source: The Financial Services Authority, 19th August 2008 (www.fsa.gov.uk)

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