The scam: New Zealand victims of an earlier scam in which they were sold virtually worthless stocks get a phone call from someone saying they have a potential buyer or offering to swap them for more valuable stocks. Inevitably, the caller then asks for an advance commission, transaction or other registration fee.
A variation is that the caller claims to be an attorney who knows your case and wants to help you recover your money — again for an upfront fee.
The solution: Never buy shares over the phone (or promoted in emails) from someone you don’t know. If you already have, don’t believe anyone who says they can get your money back — unless it’s (really) the police! And, beware of “hot” stock tips.
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