ECONOMIC FRAUDS
DETECTION   &   PREVENTION   INC.
Our goal is to educate, warn and protect our clients
about frauds which can negatively impact their lives.

Boiler Rooms

Who is behind these unethical activities?

 

A huge international criminal organization is using misleading strategies through the internet in order to create the illusion of international securities companies, law firms, transfer agents and the creation of false websites purporting to be many nonexistent financial authorities. They also use this strategy against us Economic Frauds Inc. now Economic Frauds Detection & Prevention Inc. (EFDP) who publish warnings about their fraudulent activities in order to stop them.

In support of their domains / websites, they create "Misleading Propaganda" PR articles, Videos, PowerPoint presentations, fake passports and false documents. These international criminal organizations specialize in phishing, securities and wire fraud, as well as money laundering; using many shell companies with multiple bank accounts and locations worldwide to financially victimize you.




Their victims are first contacted by phone call, inviting them to invest in a supposedly lucrative foreign shares scheme.

They soon ask you for an overseas wire transfer of funds to their beneficiary bank accounts. This includes fees of all types adding to the amount of the fraud.

By the time you realize that you have been defrauded, it is too late.

"This can negatively affect you and your family's future for a long period of time".

EXAMPLES OF FAKE PASSPORTS

  

"THEIR ORGANIZATIONAL STRUCTURE"

(Group Number 1)  OUTSOURCING

The fraudsters who call business owners or company directors and ask them if they are interested in investing in highly profitable shares are often young men in their early twenties, with limited English, who are working long hours and poorly paid.

These "call-centers" are mostly in the Philippines, Vietnam, Thailand, Indonesia or Malaysia (South-East Asia).

(Group Number 2) PROPAGANDA

These folks are charged with the creation of fraudulent securities companies or financial authorities. These freelance web-designers and IT professionals operate mostly out of Manila / Cebu / Pasing / Marilao - Philippines and San Paulo - Brazil.

Also on the payroll are bloggers creating misleading supportive web propaganda (PR articles, online social networks and video sharing sites) mostly done by Dutch residents.

(Group Number 3)  FAKE STOCKBROKERS

Experienced British telemarketers are recruited through genuine UK job websites  to " fill a number of exceptional Telesales opportunities" which operate mostly out of South-East Asia, although "Boiler Rooms" have been documented as operating out of Spain, Netherlands, Romania or South Africa.

British passport holders are preferred by boiler room operators because of their English accents and free global movement as Commonwealth citizens. These people earn a 5-8 % commission based on the amount of business they bring into the operation.

(Group Number 4)  FAKE LAW ENFORCEMENT OFFICIALS

The most trusted telemarketers may also operate out of US and Canada (Ontario) and create  a fictitious persona of  a US financial authority whereby the victim/investor is ordered to pay a nonexistent withholding tax and/or share derestriction fee  (S 144 - restriction legend) to existent beneficiary bank accounts of the shell companies. 

(see video Fake I.R.S. withholding TAX - PUBLIC WARNING)

(Group Number 5)  THE HIGH COMMAND

Directors of these boiler rooms are mostly Canadian citizens well-experienced after 20 years in the business. The latest uncovered fraud, used a de-listed Ontario stock from the Deutsche Boerse. (link)

Investors are still being contacted by non-existent securities firms supposedly interested in buying their worthless stock for large amounts of money.

This trade will never be accomplished and will involve advance fees, to be wired to their beneficiary accounts located mostly in Hong Kong, Shanghai, Taiwan, Jakarta -  and occasionally: bank accounts in EU, Switzerland, Canada, US, Dubai and often in the Philippines.

The Deutsche Börse statement (link):

As transparency requirements were low, there was an increasing number of suspected cases of market manipulation, so that Deutsche Börse has decided, in close coordination with the stock exchange regulator of the state of Hesse and the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin) to close the First Quotation Board in its present form by 15 December 2012. No further companies have been included in the First Quotation Board since February 2012.

...legal actions was not taken against the stock offered by the fictitious securities firms represented on the internet and in the flourish imagination of boiler room directors and operators. Many of these "firms" moved to GXG Markets with the same "Modus Operandi" are now offering their stocks to new victims.

UPDATE: (link)


On 29 June 2015, GXG published a notification that, with immediate effect, GXG had ceased admitting new companies to trading on GXG's market places. In the notification, GXG stated that the cessation of admission was due to GXG having entered into a dialogue with Finanstilsynet about the company's regulatory set up, and that GXG was considering relinquishing its Danish market operator license and ceasing its Danish activities.

Subsequently, on 6 July 2015, GXG published a notification that GXG has decided to voluntarily relinquish its Danish market operator licenses effective as of 18 August 2015.












Sandy Winick (picture)

Citizenship: Canada / Age: 55 / Bangkok, Thailand

Gregory Curry (link)

Citizenship: Canada / Age: 63 / Bangkok, Thailand

(Group Number 6) TOP OF THE PYRAMID

The owners of these boiler rooms are US citizens and very wealthy from 20 years of stock fraud, wire fraud, money laundering etc. Founders, owners and managing members of what look like genuine businesses, some even listed on the US - OTC Markets are really very experienced fraudsters.

This organization controls businesses in many industries such as: child care, entertainment (movie production companies), mining, industrial technology, construction, real-estate and world class properties.

EXAMPLES OF THEIR MISLEADING PROPAGANDA:

For the record, an example of their misleading propaganda:

1. The Swedish Financial Authority has never published warning against our organization (EFI)

(check it yourself on their website www.fi.se)

2. The Florida Office of Financial Regulation has never warned against us.    

(check it yourself on their website www.flofr.com)

3. Payments to our bank account located in Cyprus?  

We have ONLY one bank account and it is at Bank of America - trough its branch in Florida.

4. Several misleading web-articles mention our supposed ownership

of many websites, listed below are our actual domains:

economicfrauds.com / economicfrauds.org / economicfrauds.eu
economicfrauds.info
/ economicfrauds.net / economicfrauds.tv
economicfraudstv.com
/ financialfrauds.us / economicfrauds.us

ATTENTION

economicfrauds.us (CLONE) and economicfraudscam.com were operated by this criminal organization.

We have recently been able to gain control of the domain economicfrauds.us helping us protect our name.

- As of August 12, 2014 the domain economicfrauds.us has been purchased by us (EFI).

Malice based propaganda maligning our company was not enough for them, we have also experienced:

Cyber attacks (by Russian speaking hackers for hire) have tried to harm us through our warning websites and computers.

Slander lawsuits.

This criminal organization, threatened by our exposure, have made several attempts to intimidate us by using US lawyers.

Harassing phone calls

Here is an example of one such call.

 

WE TELL THE CRIMINALS:

 We are consistently tracking your activities, whatever illegal internet activity you are planning, sooner or later we will know about it.

 As long as you exist, we will keep publishing warnings against your fictitious companies and financial authorities on our websites, video-sharing websites, online social networks and micro-blocks.

For those, who leave their sheep cloth behind and become a hunter, we are ready to guide.

Those who have decided to fight the owners and the directors of this humongous criminal organization in a court, you have our continued support.

Because most of the victims are EU citizens, we have opened an satellite office in Europe - Fitzwilliam Business Centre DUBLIN



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