Boilerhouse Scams - FSA/PN/039/2005 15 April 2005
The FSA today warned of a new tactic used by boiler rooms to con both investors and UK small businesses out of their money.
This is the latest in a series of warnings to consumers about boiler rooms and share investment scams.
Boiler rooms use high-pressure selling techniques to persuade UK investors to purchase shares in companies that are usually based overseas. Boiler rooms are not authorised by the FSA and act illegally by selling and promoting the sale of shares in the UK. In the majority of cases, the shares being sold are worthless and the boiler room vanishes, leaving the investor out of pocket. But the FSA is aware of a new trend where some boiler rooms are selling shares in companies based in the UK. >> for more details click here

In our region companies have been targeted by this type of scam. Please be aware of information received by a company going by the name of CX2 Technologies this name is being used to target persons for this type of scam as recently as April 2005.  The individuals behind this were responsible for a boiler house scam in 2004 they have just altered their names and using a different company name.  The NEFF strongly recommends you click on the link above which will take you to the FSA website which will give you more information on these type of frauds.