Boiler Room Scam Philippines

The call center was allegedly soliciting customers to trade stocks and is akin to a boiler room operation.

Boiler room scam philippines.

Manila philippines eight foreigners and 24 filipino women were arrested for allegedly operating a boiler room for a multi million investment scam targeting australians at their office. Just 30 years old amador apungan pastrana has become the face of 21st century high tech fraud according to authorities here and abroad he is the brains of a global network of boiler room operations that have duped hundreds of thousands of investors with little knowledge. Philippine investigators are sending an alert due to the significant number of reported cases this year. Advertising the suspects were arrested at 6 25am today wednesday august.

From first hand observation in the philippines and an opportunity to scrutinise their operational paperwork in their boiler room workplace it s clear that this con was clever and well executed. While boiler room scams are not new they are regaining in strength in countries like the philippines thailand indonesia malaysia and taiwan. Financial harm 29 investment fraud 22 cybercrime 21 asset recovery 18 private investigator 17 financial investigator 16 boiler room gangs 14 personal harm 14. Police described the fraudulent investment company as a boiler room operation which is a way of solicitation or selling of securities under high pressure sales tactics eleazar said the targets of the scam are retirees and pensioners who are enticed to invest in stocks of an alleged security firm.

Hot sales tactics have typically been the main marketing instrument to attract clients for unregulated brokers. That said the possibility that an fx or binary options trading firm is involved in the matter is not out of the question. Police identified the suspects as jesse scott aged 47 and barry rosen 60 from canada and american richard racioppi jr 56. Ifw continues to investigate boiler room scams in the philippines.