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FSA contacts 1,000 consumers targeted by share fraudsters

The FSA and City of London Police have contacted 1,000 people across the UK to warn them that their personal details are on a master list being used by fraudsters to target and sell them worthless shares.

The list, the second share fraud master list obtained by the FSA and CoLP in 2010, contains the names and phone numbers of about 750 people, and the names and addresses of 250.

The list was discovered by the FSA and CoLP as part of Operation WARN, which was launched in February.

The letter explains what people on the list can do to protect themselves from the fraud, while phone calls from the FSA offer guidance on how they can protect themselves, or what they should do if they have already invested.    

FSA head of the unauthorised business department Jonathan Phelan says: “This is the second master list we have obtained in as many months. Our sources indicate that the list is a new one and still in use by the fraudsters, so by contacting people on it we hope to cut these boiler rooms off at the pass.

“Raising awareness of this type of fraud through publicity is one of the best tools we have to prevent people getting involved and losing their money. Legitimate share dealers and brokers will not normally cold call people offering to buy or sell shares, so if you get one of these calls – just hang up and report it.”

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