ScamVictimsUnited.com

Hi. I wanted to know if a legend removal fee is always sth fraudulent or if it can be a regular thing that you have to do in order to sell your shares? I was contacted by a company named Cathay Asset Management for my Edgeworth Venture Shares...

Many legitimate companies do use a legend removal fee and they usually run anywhere from $40 to $100.

For obvious reasons I like to research a company before deciding to deal with them. Doing a Google on Cathay Asset Management, is finding nothing at all telling me that they may not even exist??? Or it's a fraudulant company... A legitimate company would have some kind of information on the web about it. Not finding anything at all sends up a red flag. I wouldn't take the chance with this particular company.

There are plenty of legitimate companies on the web. Take your time and look into them. Make sure they have a phone number as well as a physical address on the site. Even better try and find one in your area. Then research them to see how long they've been in business and maybe even check with the BBB to see if any complaints have been filed.

It's much better to take your time and check things out thoroughly than to rush thru it and lose out.

Thanks! I found an internet site of the company. But they are asking for 43.000 $ legend removal fee (1 $ per share). So I guess they are criminals...

Thanks again!

These are scams, all they want is your money, they do not exist in brokers, NASD and SEC registers, they are normally located in China or another AsiaPac location... (Just do a search in Google) So just refuse to do business with companies surch as Cathay Asset mgmt, Simon Eastwood, Green Cap Financial, Hudson, etc... or kiss your money goodbye...

To Swisspanic:
I have been defrauded of over US$700,000 by Simon Eastwood's
'Burt Bradley' posing as senior vp of accounts.They peddled 'Ultimate Body Scan' shares.
It sounds that you have had some dealings with them. I realize that my money is gone but these people are a menace to orderly society and must be punished.
Any comments?

Horace,

My contact a SE were supposedly named Alexander Rossi III, Michael Davenport and John Graham, they tried to get me to raise legend removal in the amount of 22500$ payable to Int'l transfer agents c/o BCDP through Citibank, BCDP is a bank in Southeast Asia.... I doubt any US government agency would have an account outside the US... I noticed that some of their calls came from Singapore and Malaysia, and also China...

I reported all these trials to the US authorities(SEC, though you may not want to do that if you live in the US):

Jim Daly
>U.S. Securities & Exchange Commission
>Office of Investor Education and Assistance
>100 F Street, NE
>Washington, DC 20549-0213
>(202) 551-6340 (202) 772-9295 (fax)
>oiea@sec.gov

But they said they could do much against fraudsters located outside the US...

They have no legal entity or address in the US... and I could not find them either in Shangai or Tokyo...

Sorry

Jim,
Thanks for your message.
In my dealings with SE the names were John Graham but I had over a dozen phone conversations with Burt Bradley. If I tried to reach him it had to be through answering machine - never a direct call. The banks involved :Wachovia NA and Citibank NA. The banks to which money was credited were : BCDP (TWICE),BAC INTERNATIONAL(3 TIMES),GBC(TWICE).
I have more data about Ultimate Body Scan(recall that SE was peddling their shares so they knew each other). Their bank details :
Acc #003678615691/beneficiary:Ultimate Body Scan,Inc./SWIFT:BOFAUS3N/Bank transfer:Bank of America/1801 S Federal Highway/Delray Beach,Fl 33483/ Settlement dates: 7/29/03($40k)
and 3/31/05($13,775). The person: William Whitman.BTW:UBS was liquidated on Aug 31 05.
Since the bank refuses to deal with private persons perhaps you could make them to disclose some details.
Thanks
Frank Holuj