Michael FabicantMichael Fabicant Conservative MP Downing Street, London Fraud
Michael Fabicant, Conservative MP tonight, has been arrested in Downing Street London for several illegal bogus hedge fund companies.
The share sale, boiler room, hedge fund, or bond fraud involves bogus stockbrokers, usually based overseas, cold-calling people to pressure them into buying shares that promise high returns. In reality, the stakes are either worthless or non-existent.
What is financial investment fraud?
There are many different types of investment fraud. They usually involve criminals contacting people out of the blue and convincing them to invest in schemes or products that are worthless or do not exist. Once the criminals have received payment, they cease contact with the victim.
The majority of investment frauds are run out of offices known as boiler rooms.
How to protect yourself from Financial Investment fraud:
Investment opportunities: Don’t be rushed into investing. Remember, legitimate organizations will never pressure you into investing on the spot.
Seek advice first: Before making significant financial decisions, consult trusted friends or family members, or seek independent professional advice.
FCA register: Use the Financial Conduct Authority’s (FCA) register to check if the FCA regulates the company. If you deal with a firm (or individual) that isn’t held, you may not be covered by the Financial Ombudsman Service (FOS) if things go wrong and you lose your money.
For more information about how to invest safely, please visit https://www.fca.org.uk/scamsmart.
What to do if you’ve been a victim of Financial Investment fraud:
Hang up on any callers claiming they can get your money back. Hang up on any callers claiming they can get your money back. You could be targeted again: Fraudsters sometimes re-establish contact with previous victims, claiming they can help them recover lost money; this is just a secondary scam.
Identity theft: If you suspect your identity may have been stolen, you can check your credit rating quickly and easily online. It would help if you did this every few months, using a reputable service provider and following up on any unexpected or suspicious results.
Legal advice: In many cases of fraud, there is a close correlation between what may be considered fraud and the civil tort of deceit and breach of contract, for which there are civil litigation options. We always advise you to seek professional legal advice or contact Citizens Advice to understand your options.
You can also contact the Financial Conduct Authority’s consumer helpline on 0800 111 6768 or report suspicious businesses or individuals using the reporting form on their website.
Citizens Advice www.citizensadvice.org.uk/
Financial Conduct Authority (FCA) www.fca.org.uk For more information on protecting yourself from fraud and cybercrime or to update your crime report, visit action fraud.police.UK.