But International offer probably too good to be true!
Scammer offers proliferate in times where there have been prolonged periods of low returns. These offers, almost always of higher investment returns attract the attention of many. They are almost invariably from overseas and target vulnerable people, usually with less time available to recover their losses.
When the post-GFC recovery had been under way for about a year, there was considerable activity of this type. One of our clients contacted us then, seeking advice about an ‘investment’ offer that had been put to them. Their offer came from telemarketers representing an American promoter, to investment in a direct share portfolio in a US company.
Prudently, the client asked the sales person to contact their ContinuumFP Adviser. Needless to say, none of the Continuum Financial Planners team was ever contacted by this group. Whilst this is not an unusual event it brought to light the opportunity to pass on a timely caution.
Investment returns attract, but don’t ‘get burned’
At the time, we enquired with ASIC as to whether there were any general alerts out about this activity. There was none, however the following advice was put to us by ASIC. (Note: the FIDO website has been replaced with the MoneySmart website. The relevant links below have been changed to the updated site.):-
ASIC response
“Unfortunately it sounds like your client could have been contacted by an unlicensed broker, selling shares in offshore companies. ASIC is aware of this type of scam. (It) is working with various overseas securities regulators to expose and eliminate the practice of cold calling by unlicensed dealers. Our advice to consumers is not to respond to the notification (email/ fax/ letters/ telephone call). (They also cautioned) not to use any link enclosed in the email; or to hang up (on the phone call).
There is advice regarding avoidance of internet scams available on the MoneySmart website and a direct link has been provided for your convenience. You may want to provide this link to your client.
How ASIC helps
Although ASIC does not have jurisdiction there is information on our MoneySmart website to warn and assist consumers with these types of scams (refer link above).
ASIC also offers the publication called FIDO news that is designed to keep consumers up to date with the latest consumer news and information about scams. If you wish to subscribe you can select the ‘Register Now’ link under the “Fido News” heading on the ASIC-FIDO website or accessing the … link (provided). This information is no longer available in the ASIC-MoneySmart website, but other aspects of thgeir assistance is referenced and, we believe, still current.
Thank you for taking the time to write to us about this matter. Your information is very useful to help keep the MoneySmart website up to date.
Due to the unique nature of each enquiry ASIC is not able to provide interpretations or recommendations specific to some enquiries or circumstances. If you require further information please seek independent advice through an ASIC registered agent, your accountant or solicitor.”
We commend the above advice from ASIC to you and suggest that you pass this on to any of your friends or contacts who may be exposed to such offers. The current MoneySmart website page on this matter is also worth a visit – see Investment Scams.
Investment returns attract – strategic advice succeeds
The Continuum Financial Planners Pty Ltd website has several articles on strategic investing and appropriate asset allocation, some of which are:-
Our experienced advisers are available to provide advice: to satisfy yourself as to our qualifications, licence status and continuing professional development, refer to our FAQ Page, which also answers questions on how we work with you and in your best interest. To arrange a meeting with a member of our advice team –
- phone our office, on 07-34213456, or
- at your convenience, use the linked Make A Booking facility.
(This article was orinally posted by us in July 2013. We occasionally update/ refresh it, most recently in June 2025.)
