Beware of Telephone Share Scams

Tuesday 13th March 2007

The Securities Commission has released the names of two new telephone share fraudsters calling New Zealanders.

Chase Capital Inc from the United States of America and Tradex Corporation from China are the most recent companies calling New Zealanders with bogus share deals.

The Commission warns New Zealanders against "brokers" offering bogus share deals over the phone.

"These people keep changing their names, the countries they operate from and their tactics to make people believe that they are legitimate," says Director of Enforcement Norman Miller.

"It is extremely unwise to send money overseas to someone you know only by a telephone call. Money sent out of the country to these fraudsters will inevitably be lost."

Hang up on these callers is the best advice. Talking to them gives them more opportunity to persuade you to send money.

Names of share fraudsters who have telephoned New Zealanders are on the Commission's website. For information on share scams visit www.sec-com.govt.nz or www.sharescams.org.nz

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