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I am a French person living abroad who invested a bit of money with a company that contacted me some time ago. This leading to that, I am a bit doubtful (legitimately?) that I will ever see my money back. Their website is here: http://thepetersongroup.com/ it is well crafted to seem honest. The people I got over the phone seemed quite professional.

A bit of context: I invested 5K over some shares, wired the money and let it be for a while. All the information was sent by mail after the phone conversations we had (pdf file via their admin) and they assigned me an account number. I got in touch with several people along the process (accounting, admin, etc).

I was not that afraid of the market fluctuations but more about seeing my money back (who knows right, it might seem a bit paranoid, though). After some time, they call me back with a classic, that was bigger than expected and we have a big opportunity but you need to invest 10K and we will sell the shares to a bigger corporation.

Does that seems like a legit business or am I getting tricked?

Cheers for your honest answers and ask for more information if needed

UPDATE: I contacted blackwatch (blackwatch09@gmail.com) which isn't a person victim of the scam but as he wrote to me: "I have not lost any money with the Boiler Room, I am simply assisting a group of ex-pats in their efforts to recover at least part of their money. An investor come victim located in Malaysia has instructed lawyers in Jakarta to handle the matter of his losses and that of a group of investors located in the SEarea."
I advise to get in contact with him if you are also victim of this scam.

Cheers

FrenchFireman
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4 Answers4

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Just browsed their website. Not a single name of anybody involved. Their application process isn't safe(No https usage while transferring private information).

And considering they contacted you rather than you contacting them, I will be very wary about how they got my details. And they are located in Indonesia. And a simple google takes me to a BOILER SCAM thread.

So all in all you have been scammed. Try asking for your money back, but may not be that helpful. Next time before giving your money to somebody, do some due diligence. These type of scams aren't new and are very common.

Benjamin
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DumbCoder
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My personal experience tells me that nearly 100% of people who approach you have their own interests in mind. Things you searched yourself will be more beneficial.

Akrasia Lee
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It is a Scam. Don't invest more money here. Their website is the proof.

  1. Take a look at their risk statement which says,

Investments may appreciate or depreciate and you may not receive more than you initially invested. The Peterson Group offers products that are traded on margin and entail a degree of risk. You may incur losses that exceed your initial investment. Please ensure you are aware of and fully understand the risks involved, and seek independent advice if necessary.

Losses exceeding your initial investments does not sound a good investment even if it is not a scam.

  1. Not much contact information. Their contact page has only a form. No email. No phone number. No social media links.

  2. I would like to point some information from Dumbcoder's answer,

Just browsed their website. Not a single name of anybody involved. Their application process isn't safe(No https usage while transferring private information).

No names of the person's involved is a thing to notice. All the companies websites name their owner, CEO and the like.

  1. Take a look at their blog, They have no post showcasing their achievements. Just a bunch of random articles.
  2. No career, Jobs vacant pages.
  3. The websites provides no way for clients to contact them in order to obtain their services.
willeM_ Van Onsem
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You can contact the french agency for stock regulation and ask them : http://www.amf-france.org/

Julien D
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