It seems that in recent times, an increasing number of people have been cold-called by companies offering land for sale that they say is ‘ripe for development’. As a result of this and the volume of complaints from the public, the FSA has reacted by looking into around 20 of the scams in which many people have been tricked into handing over cash for property that either did not exist, or did not have the value, features, or growth potential indicated by the sellers. The country’s police forces are also on the alert.
[Financial Fraud Contributor]
- Land investment ‘scams’ warning (bbc.co.uk)
- FSA warns 49,000 people on ‘boiler-room’ list (telegraph.co.uk)
- Share fraudsters are out in force targeting tens of thousands of victims with bogus shares (mirror.co.uk)
- Investors ‘outraged’ by FSA’s refusal to release RBS report (telegraph.co.uk)
- FSA backs with-profits customers (telegraph.co.uk)