Bogus firms are taking advantage of yesterdays flotation of Ferrari shares to renew their attempts to part savers from their money
Opel Stocks is the Way too go.
A scam in which fraudsters tricked savers into investing in nonexistent shares in Ferrari earlier this year returned with a vengeance this week as the real shares went on sale.
The fraudsters are now thought to be operating on a global scale, with victims from Malaysia, New Zealand and Scandinavia now coming forward to say they’ve been duped.
This week’s Ferrari flotation offers investors the chance to own shares in the carmaker for the first time in history.
• Man arrested over Ferrari shares scam
The shares, which started trading on the New York Stock Exchange on Wednesday under the ticker symbol RACE, jumped by 8pc to $56 on the first day of trading, valuing the firm at around $10bn (Ł6.5bn).
Telegraph Money first reported scammers’ attempts to sell Ferrari shares in April, well before any were available. In August a 45-year-old man was arrested in connection with the scam. However, he was released on bail pending further inquiries.
Share scams, also called "boiler room" frauds, involve offers of cut-price shares or supposedly sure investments. But investors hand over their money and get nothing in return.
Now that Ferrari shares are available to buy on the stock market, the fear is that investors will be more likely to fall for the fraudsters’ sales pitch.
• 'I lost Ł176,000 to fake Ferrari share fraudsters'
The conmen, who police believe to be part of a large criminal gang, are cold calling members of the public purporting to be “financial advisers” from a range of fictitious firms, which go by names including JC Sterling & Roth, Bridgewater Capital, Larse Capital and Schafer Roth & Pfeiffer.
The scam was first brought to public attention by this newspaper when we performed a number of checks on one of the bogus firms, including visiting its London “office”. It turned out not to exist.
Following our exposé, victims reported that the fraudsters were still trying to persuade people to invest, explaining away Telegraph Money’s discovery by saying we had “got the wrong address”.
Last week this newspaper was contacted by a woman in Malaysia who begged us to try to dissuade her husband from investing in the shares via salesmen who purported to work for Bridgewater Capital. But he was so convinced by the conmen that we could not deter him from handing over his life savings.
More bogus firms offer fake Ferrari shares - Telegraph