The Boiler Room Boys Are Back with a New 'Bargain' ; Readers' Champion

Summary

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F. A. M. writes: I received an unsolicited phone call from an American sounding man who claimed to be a broker from Frankfurt. I had time to spare, so I listened as though I was interested. He offered me half-a-million shares in UK property company Northern Lynx for Pounds 30,000.

The company would be listed in the next few weeks at a very good premium, he said, and if I made up to ten per cent profit, the broker would want one tenth of that. I asked whether the broker would make up any losses if the shares fell, but he said this was illegal.

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Extract

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The Boiler Room Boys Are Back with a New 'Bargain' ; Readers' Champion

And he did not reply when I asked how he would get his share of any rise if I decided to hold the shares long term.

When I asked for a copy of the Northern Lynx accounts, he answered that I could have them after I became a shareholder. After ten minutes I told the broker I was not interested and I ended the conversation....

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