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Old 17.06.2011, 12:58
Reb77Br Reb77Br is offline
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Re: Financial Mis-selling to expats

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A few months ago I got a series of cold calls from a financial advice company based in the south of Spain. When I asked them in which country they were regulated and if they were licensed to sell financial products in Switzerland they just told me that all of this could be explained by their "consultant". These initial calls were just to find out how much I had available to invest.

The whole thing just screamed of scam, I let them play their game for a while but after about 5 calls they gave up on me.

The one thing that really gets me about these companies is that they admit to "targeting ex-pats", it's almost as if they believe expats are easy pickings. Why not offer the same "advice" to the locals?
Talking of Spain:
Fraudsters target British expats
In and around Spain, thousands are falling prey to advisers peddling financial scams and mis-selling investments
British citizens living abroad are being targeted by unscrupulous financial advisers for risky investment schemes and fraud...

British expatriates are ideal targets for chancers and conmen, warns David Marchant, publisher of the Miami-based Offshore Alert magazine. "A typical expat is financially successful," he says. "Also, being strangers in a foreign land, expats tend to work and socialise together, forming a group of people that is easy for conmen to recognise and infiltrate."...

Mr Marchant was the first to raise concerns about Imperial Consolidated, a financial group that sold investments promising returns of 15 per cent a year to UK expats across the world. It collapsed in 2002 after losing up to 200m of investors' money and became the subject of a Serious Fraud Office probe.
Also relevant to Switzerland, of course, as companies/individuals similar or identical to those operating in Spain operate here. Indeed, a Swiss-based company with offices in Spain invested $50 of its clients' money in Imperial Consolidated, before bouncing back under a different name.
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