Hi all,
Remember Totalise? the ISP that gave away 'free' shares to their subscribers?
a long time ago I was a subscriber, and even made some cash selling some of the shares. Predictably they eventually went bust in about 2001 I think.

Out of the blue I have been contacted by an American company, Petersen and Jones Associates wanting to pay me over 20quid a share on behalf of a client. Aye Right!

On the basis that if it sounds to good to be true then it probably is I have hung up on them twice.

Has anyone else come across this? Is it a scam? How does the scam work? etc

Any information gratefully received.

Thanks

"Out of the blue I have been contacted by an American company, Petersen and Jones Associates wanting to pay me over 20quid a share on behalf of a client. Aye Right!

On the basis that if it sounds to good to be true then it probably is I have hung up on them twice.

Has anyone else come across this? Is it a scam? How does the scam work? etc"

Looks like an advance fee scam. You pay them a fee of some sort before they (don't) release the funds.

There is a TMF dedicated board for this type of stuff. See this post which explains how secondary scams work:

A fool And His Money... SEC - Secondary Scams
http://boards.fool.co.uk/Message.asp?mid=10633941

As for Petersen and Jones Associates, it could be Peterson and Jones Associates, who created their website as recently as 06 Feb 2009 :

http://www.whois.net/whois_newdg2.cgi?d=www.petersonandjones...

Please use this form to report them to the FSA:

http://www.fsa.gov.uk/Pages/Doing/Regulated/Law/Alerts/form....

PD

The same company has just contacted me saying from Illinois, USA. They promise to pay me £10-24 per share based on a small number they need to do a takeover from a unnamed company. They have 41% so far and only need another 10% so if I am lucky enough I might be one of the 10% extra they need. I think the scam is that they want an upfront insurance bond to secure the sale but luckily the secret buyer of the shares will pay most of this and I only need to pay a bit. What's the betting that the bit turns out to be more than a bit and that you never see any money down the line. My guess is they are looking to make the money from the insurance bond to secure the sale of worthless chares from years ago and then run away.

I only hung on the line to listen to the story because I Googled this trail whilst they were speaking so thought I would try to find the angle they are working. Like you I intend to run a mile......

was he called stephen chan and wanted to buy smart approach shares...if so same guy is phoning me!

Regarding Bluehire's post, I got the exact same call at the weekend from Peterson and Jones Illinois. They need another 10% on top of their 41% and are willing to pay £9-28 per share.....if I complete a CDA and pay part of a bond to cover the transaction. This time the share in question is Phytopharm.

I am sure the same lady tried the same approach in January this year, but she was working for a different company based in New York. But still after the same shares. Ms Samantha Morgan, she had a very strange accent which does not really match her name.

The script this time is more elaborate, slightly more convincing but again too good to be true.

I wonder if working in a potentially fraudulent callcentre reading from a script pays as well as working in a regular callcentre reading from a script selling insurance or something similar. They are doing the same job, might as well do the legitimate role and remove the risk of arrest....perhaps the hours are better.

Since the opening post on this thread, 'The Register' has picked up on the story:

http://www.theregister.co.uk/2009/03/12/totalise_warning/pri...

As previously, please use this form:

http://www.fsa.gov.uk/Pages/Doing/Regulated/Law/Alerts/form....

PD

Well ... I too have been contacted to sell my defunk shares in a company called xxxxx for a premimum price. I was contacted by a Mr Stephen Chan. I signed the NDA etc. However the information and offer did not stack up, and I declined to go through with the deal.

After researching in the net, and noticing the number of "false" press release on http://www.free-press-release.com/news/200903/1237016864.htm..., which I discovered was an almost exact copy of press released in 2005 by http://www.bakernet.com/BakerNet/News/Archive/2005/platinume...

I also noticed that these press release only started occurring after I challenge that a company which is supposed to be dealing in million dollar transactions, how comes there were no press release, client testimonials etc.

Their offer is pretty tempting as you are being offered offered £12-£20 per shares, which orginally costs you pennies, and for all virtually useless now.

A bird in the hand (the money you currently have) is better than 60,000 in the bush (money they are offering you). Essentially the number of shares I hold would have given me about £60,000 from petersonandjonesassociates.com, providing I put up nearly £4500 into an escrow account. Mr Chan was salivating at the though of getting his hands on money. I decline their offer, as things did not stack up (like the press release from 2005 being issued in March 2009 again), the fact that their website has only been in existance since February 2009, no registration with Business agency in their area of residency etc

Proceed with caution

Thanks for that gus, I'd already applied Skodaman's theory of polished bullshit, (It doesnt matter how shiny it is, I it smells like bullshit it probably is) Funnily enough, Ive said that for a few years about the concept of a 'service economy' fuelled by consumer credit..... but don't get me started.

It is good to know that I didnt miss out on a big cash payout, and it's interesting to know how the scam worked. Now I'll fill in my FSA forms and maybe put a hitch in Peterson Jones's plan.

Cheers

Dave

Hi Guys

It looks like Peterson and Jones Associates are at it again only this time I have been approached in respect of Gladstone plc.
As you say sound too good to be true but then I knew that I had sold all of mine about several years ago.
Luckily I had kept all of the documents in respect of the transactions.
And to think it was only going to cost me 5000:00 as my part of the insurance.
Who`s a lucky boy then ?
I do get annoyed when I think that some people will be sucked in and they will get away with it.
The contact this time is Ed de Niro, Robert must be as mad as hell.
it loks like the FSA will be getting another set of forms
cheers

John

"It looks like Peterson and Jones Associates are at it again ... it looks like the FSA will be getting another set of forms"

Peterson & Jones Associates were added today to the FSA's listing of "Unauthorised overseas firms operating in the UK"

'This warning list includes unauthorised overseas firms that the FSA has received complaints about in respect of their activities and/or the FSA has reason to believe they are involved, or have been involved in, activities that contravene section 19 and/or 21 of FSMA.

Such firms are often involved in ‘boiler room’ activities and pose a high degree of risk to consumers. They frequently engage in tactics including cold-calling members of the public offering shares that later turn out to be worthless or high risk. The callers can be very persistent and extremely persuasive. ...

Last firms added - 24/04/09 (shown with an asterisk *)

Peterson & Jones Associates *'

As per http://www.fsa.gov.uk/pages/Doing/Regulated/Law/Alerts/overs...

PD

Had cold calls from Peterson and Jones on 16,17 and 21 April with a story very similar to others on this thread, ie claimed to have a client who held 41% of shares and wanted another 10% to give control. Callers were 2 men and 1 women but could not get their names. The target company this time was Universe Group plc. A price of £4 to £9 was mentioned - streets above current stock market level. Had no intention of filling in a disclosure agreement which was supposed to have been sent to me but never arrived. I registered the calls with the FSA on 24 April. Also discussed with Universe Chairman!
Curiously sharefool451 message on this board cross refers to P and J and Bakers. This was about advice from Baker and Mackenzie about an acquisition by P and J of Universal Group Direct which has nothing to do with the Southampton based Universe Group plc. Notice the similarity of names which I've come across before with suspect callers.
Over last 12 months I've had 'overseas' (allegedly) cold calls from 4 different outfits each with a story (different each time) aimed at shares in Universe Group. What's so attractive about Universe - anyone else had calls targeting them?

ws88