Here is a list of the latest follow-on-frauds which have been reported to us.
A follow-on-fraud is when a victim of a scam is contacted by a company claiming it either has a buyer for their investment, or is holding a large sum of money for the victim and all they have to do is pay some form of local tax, or is informing the victim that their investment has been exchanged for shares, or states that they are working with a liquidator/administrator, or is involved in ‘a capital exchange program’, or any number of weird and wacky fabricated stories. The bottom line is that in every case the follow-on-fraudster will require the victim to pay upfront in order to receive a much larger sum. Every one of them will be a scam.
We are regularly contacted by people who have fallen victim to these follow-on-frauds. It is very easy to believe these scammers because their marketing material can be very good and they work off well-rehearsed sales scripts. We know of people who have paid hundreds of thousands of dollars to follow-on-fraudsters so it is big business for organised groups of criminals. It is our belief that many of the follow-on-frauds are co-ordinated by a small group of criminals.
We will write a brief report on as many of them as we can in the coming days, but investors must not pay any money to any of the companies below.
1. Anderson Recovery Services
2. Andover Financial Investment
3. Fuda Capital
4. Regent Capital Holdings
5. Escrow Account Ltd
6. KWT Merger Corp
7. China Citic Bank International
8. Noblemare Financial Management
9. Chartered Trading Standards Institute
Follow-on-Frauds occur when the person who founded the scam investment or one of his/her salespeople sells the list of investors as a last-gasp effort to bring in some more money. Quite a few of the scam investments can be linked back to the same few people who are operating behind the scenes.