The FSA has issued a warning about a suspected scam targeting fans and shareholders of Sheffield United football club.
The regulator says it is aware of reports of a Japanese company called Sumitomo Financial Corporation which is approaching people who have invested in Sheffield United plc, the holding group of Sheffield United football club. Sumitomo attempts to buy shares from Sheffield United investors, but customers are required to pay an upfront fee.
FSA head of unauthorised business Jonathan Phelan says: “We strongly believe this is a scam and anybody that is approached by this firm, or any other firm with a similar offer, should be very wary indeed. Calls out of the blue that promise a fantastic return on investment are one of the key hallmarks of a scam.”
The FSA believes the company is imitating a legitimate firm called Sumitomo Mitsui Banking Corporation and Sumitomo Mitsui Financial Group Inc.
The regulator has previously highlighted similar scams involving Millwall football club and Birmingham City football club.