Overseas scams: Cold calling phone investment scams
Australians have lost at least $400 million to telephone investment fraud. So beware of phone calls (emails, faxes, etc) out of the blue offering to buy shares or selling investments, financial advice and financial products.
Know you are actually dealing with a reputable company, and not a disreputable one, by checking our blacklist for unlicensed overseas businesses and fake regulators.
What is cold calling?
The nature of cold calling investment scams is to operate internationally so local agencies such as ASIC do not have the jurisdiction to investigate and prosecute offenders. Hence, Australians are targeted by overseas 'companies', and visa-versa.
Cold calling is simply a sales call (email, fax, etc) out of the blue you did not ask for. Cold calling about financial products or services is illegal if the caller does not have an Australian financial service licence. Overseas callers still require an Australian licence.
Check our cold calling blacklist for unlicensed overseas businesses and fake regulators
The overseas businesses listed below have made unsolicited calls to Australians and do not hold a current licence from us. Some organisations may use a name that is similar to a better known and reputable organisation, or falsely claim to be associated with such an organisation.
 | Names recently added to the blacklist (last updated 10 March 2010)
Appearing in order of date posted (most recent at the top)
Indochine Nominees
Brett Commodities GMBH
Universal Strategies Ltd.
Vantagepro Asset Management
WesternField Holdings Inc
RDG Trading
Crown Alpha Limited (see also Hentsch & Müller S.A.)
Pacific Global Advisors
IXIS Capital Group
Forbidden City Venture Capital (see also Delmedica Investments Limited)
Union Transfer Inc.
Bergues Invest
Emirates Asset Management Ltd
Klein International
VanZandt Group
Skyfame Tower
C&C Shigesuke |
Which companies are on the list ?
We are publishing the names of those overseas businesses that have made unsolicited phone calls (emails, faxes, etc) to Australians and do not hold a current licence from us. This list includes phoney international 'regulators'.
We have listed all the businesses that have come to our attention in recent times. However, this is not a comprehensive list and new names are coming to our attention all the time. We will add to the list as we hear of new names.
What if a name is not on the list?
If you are contacted by an overseas broker and they are not on our cold calling blacklist, you should still search our AFS licensee register to see if they are licensed. If they are not licensed, do not deal with them.
Contact ASIC and let us know so we can warn others quickly about phone scams (see How ASIC can help, below).
How to spot the fraudsters
Read our tips on how tell the fraudster from a legitimate business:
What to do if you have been scammed
Let ASIC know! You can help us warn others quickly about phone scams.
The nature of cold calling investment scams is to operate internationally so local agencies such as ASIC do not have the jurisdiction to investigate and prosecute offenders. Hence, Australians are targeted by overseas 'companies', and visa-versa.
When we are alerted to a new name, we check whether they are licensed by ASIC. Without an Australian licence, they operate unlawfully. Where possible, we contact them, tell them to stop and report them to the relevant overseas authorities.
Unfortunately, we cannot assist you to get your money back if you have sent monies to overseas cold calling firms, but we still want to hear from you. We value your vigilance and your time in reporting any unlicensed investment offers that you may receive out of the blue.
If you have been scammed, protect yourself and others and don't let it happen again:
How ASIC can help
ASIC is happy to help you find out if an investment is legal, because the law can be complex. While we can help you understand the law, we do not give investment or financial advice.
To help ASIC assist with your enquiry, please provide us with the following information:
What ASIC need to know:
- The name and address(es) of the cold calling outfit
- The name of the person who called or contacted you
- Dates when you were contacted
- Securities offered to you/bought by you
- How much money you sent and when and where you sent it (including bank account details)
- If the outfit has been taken over or been taken over by any other businesses, and
- What documents you have been sent.
Contact our Infoline by email (infoline@asic.gov.au) or call 1300 300 630 |
Thank you for helping us fight scams.
More information
Search our AFS licensee register
Special rules about cold calling by licensed financial services businesses
Don’t want to receive telemarketing calls?
More common scams
FIDO Website: Printed 03/17/2010
