A Boiler Room Scam is a type of malicious business activity where a "˜company' uses high-pressure sales techniques to sell "˜sure thing' investments with the promise of massive returns, (sounds just like a company we all know).
A Boiler Room Scam can look and sound totally legitimate, as they typically mention companies that one can easily relate to. They also provide their UK address or telephone number, and a professional-looking website is a must.
They are also usually notoriously persistent, and can even chase a victim for months in the hope of a sale. What they will be selling is predominately very costly FRONT END policies in often quoted companies.
Boiler Room Scam operators generally cold-call their targets, (sound familiar) using phone numbers from publicly available shareholder lists or LinkedIn. Since it is against the law for investors to cold-call in the UK, they tend to be based abroad (this is where devere are so active abroad), where they are beyond the jurisdiction of the Financial Services Authority (FSA).
Quite simply, they will approach anyone, anywhere at anytime.
The deVere Group conducts their business in similar fashion to above mentioned, they will continue to make sure that all the deVere clients are well & truly stitched up so they have no surplus money to invest with any other company.
As a general rule, remember that if an opportunity sounds too good to be true, then it almost certainly is.
If you think you may have been targeted by said company, you should contact the FSA (immediately),contact centre on +44(0) 845 606 1234. You may also find more information about Boiler Rooms Scams on the FSA website www.fsa.gov.uk. There are many other reliable search engines (goggle) this shows different countries they've been thrown out of for operating without proper licences, no work permits etc. Complaints are rampant.
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