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Consumer watchdog warns about latest investment scam
| Published: | 20 Jan at 6 PM |
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The latest offering from the same dodgy FAs who brought you the carbon credits, rare earth and land banking frauds is a new scheme dreamed up in order to fleece unwary investors of their nest-eggs – Graphene.
Discovered in the computer records of a bogus share company being investigated by the UK’s Financial Conduct Authority, the new venture was at set-up stage, but the authority had already received complaints of boiler room cold-calling tactics involving graphene. A man-made compound composed of carbon derivatives, it’s expected to be the next big thing for batteries, display screens and circuitry.
According to an FCA spokesperson, complaints about its marketing as an investment include high-pressure selling and the targeting of vulnerable investors by aggressive, sales-oriented cold callers. The authority suspects the compound is custom-made for fraud, as it’s unregulated and unsuitable as an investment.
Companies utilising the highly advanced compound in their manufacturing processes order massive quantities, and small amounts held by individual investors would have no commercial value as a commodity. At present, FA firms promoting grapheme as an investment are not registered or authorised by the FCA.
The publicity surrounding the discovery of the compound, including the awarding of a Nobel Prize to the pioneers of the advanced technology have made it ripe for financial fraud. The FCA advises investors to only deal with authorised financial advice companies, adding that scam sharks are now known to be touting graphene to the unwary as a hot investment.
Discovered in the computer records of a bogus share company being investigated by the UK’s Financial Conduct Authority, the new venture was at set-up stage, but the authority had already received complaints of boiler room cold-calling tactics involving graphene. A man-made compound composed of carbon derivatives, it’s expected to be the next big thing for batteries, display screens and circuitry.
According to an FCA spokesperson, complaints about its marketing as an investment include high-pressure selling and the targeting of vulnerable investors by aggressive, sales-oriented cold callers. The authority suspects the compound is custom-made for fraud, as it’s unregulated and unsuitable as an investment.
Companies utilising the highly advanced compound in their manufacturing processes order massive quantities, and small amounts held by individual investors would have no commercial value as a commodity. At present, FA firms promoting grapheme as an investment are not registered or authorised by the FCA.
The publicity surrounding the discovery of the compound, including the awarding of a Nobel Prize to the pioneers of the advanced technology have made it ripe for financial fraud. The FCA advises investors to only deal with authorised financial advice companies, adding that scam sharks are now known to be touting graphene to the unwary as a hot investment.
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