Just a little while ago I got call from a 'financial services' company on my mobile (no caller id appeared) called CarterSinclair. It was a long sales pitch but it boils down to 'would you like to buy stock in some gold exploration company in Canada (SierraExploration, sierraexp.com). If yes? I would have to buy at least $5000 worth of their stock.
How weird is this? Is this a common scam in Dubai?? Anyone else had a similar experience?
--is this a telemarketing fake stock scam?
By freckles - Posted on May 23rd, 2009
Tagged:
- Login or register to post comments
- Email this page
it looks like scam . i am in web development business and i went to the website you gave and look into their source code. the site is made in Joomla a free open-sorce content management system and doesn't look that professional.. how many gold mining companies don't have the money to put a good professional site together.
anyway, i have received such calls (not about buy stock but get credit cards and others from banks etc) i just ignore them quickly. if i need something i will go to bank or broker myself then will do my research
Well, that's a no-no for me. It's a common scam here, because of Dubai's prestigious image, it's a magnet for all sorts of scammers.
A good question to start with is, what do I know about the company?
Go to pinksheets.com and look up their stock ticker. You will notice there's a warning on the company.
------------------------------------------
Pink OTC Markets has discontinued the display of quotes on pinksheets.com for this security because it has been labeled Caveat Emptor (Buyer Beware) and because adequate current information has not been made available by the issuer of the securities. It has been labeled Caveat Emptor for one of the following reasons:
* Questionable Promotion — The security is being promoted to the public, but adequate current information about the issuer has not been made available to the public.
* Spam — The security is the subject of spam promotion having the effect of encouraging trading of the issuer's securities.
* Investigation of Fraud — There is a known investigation of fraudulent activity involving the company, its securities or insiders.
* Suspension/Halt — A Regulatory Authority has halted or suspended trading for public interest concerns (i.e. not a news or earning halt).
* Disruptive Corporate Actions — The security or issuer is the subject of corporate actions, such as reverse mergers or serial stocks splits and name changes, without adequate current information being publicly available.
* Unsolicited Quotes — The security has only been quoted on an unsolicited basis since it entered the public markets and the issuer has not made adequate current information available to the public.
* Other Public Interest Concern — There is, in Pink OTC Markets' view, a public interest concern.
------------------------------------------
So what do you know about the company? Nothing!! No financials, no stock trading.
The short answer is - YES, IT'S A SCAM.
I would not believe such offer by telephone to buy company shares.. It doesn't sound normal.