A boiler room scammer used a real IFA's name and FSA number to con investors out of thousands of pounds.
Inter-Citi Capital posed as a legitimate stockbroking firm with offices in Clement's Lane in the City of London when it cold called potential investors to use high pressure sales tactics.
The fake firm was run by Jason Lurie, who pretended to be IFA of thirty years Jason Lurie, partner at Holland, Hahn & Wills in Kingston upon Thames, Surrey, the Daily Mail reports.
Inter-Citi Capital used the genuine financial adviser's FSA number to convince investors the fake Lurie was legitimate.
The real Lurie has informed the FSA, the police and any conned investors who call asking about their money and investment in FuturaGene shares.
Inter-Citi persuded investors FuturaGene had been taken over by a Brazilian business, the trading of its shares had been suspended, and any unsold shares could be picked up by Inter-Citi clients.
The scammers took clients' money and then presented them with huge bills for capital gains tax on non-existent profits.
FuturaGene traded on AIM until July 13 last year, when the listing was cancelled after the company was bought by Brazilian-owned Suzano Trading. But there were no unsold shares available for Inter-Citi to buy.
Inter-Citi Capital also used a fake website it had copied from another site to lure potential investors to buy.
The FSA has added Inter-Citi Capital to its list of unlicensed brokers.
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From 6 April 2019