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FSA shuts down share scam

The FSA has been granted a permanent injunction preventing Treadstone Corporation Limited from illegally promoting and selling shares to UK investors.

From May to September 2006, Treadstone sole director and owner Thedfred Lemont Shepherd instructed agents to cold call UK investors and encourage them to buy shares in Finnish company, Tramigo Oy Limited.

Treadstone then issued false share certificates to investors and retained and distributed the proceeds of sale. Although the company is genuine, the shares were sold for more than their worth.

FSA head of retail enforcement Jonathan Phelan says: “We can, and do, take action to protect consumers from illegal share schemes, as is evident in this case. However, consumers must also be vigilant and check that the firm they are dealing with is authorised. If not, they risk losing some or all of the money they have invested.

“People should also check the FSA website for a watchlist of companies to avoid, which also ‘cold call’ and operate similar schemes.”

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