Islanders are being urged to be on alert after a member of the public was cold called by a fake law firm falsely offering to buy their shares in a real investment for an inflated price – but only if they paid a “deposit” first.
The Jersey Financial Services Commission has issued a public warning about an entity calling itself ‘iCap Law LLP’, which the watchdog says displays “warning signs consistent with advance fee fraud”.
According to the regulator, the scammer told the victim their shares could be converted from “restricted” to “common” shares if they paid an upfront fee.
The regulator described the case as an example of “advance fee fraud”, a type of scam where victims are persuaded to pay a deposit or tax on the promise of receiving a large payout, investment return or prize that never materialises.
It warned Islanders to “check the credentials of the person or organisation contacting you and verify their details independently”, and look out for further “warning signs”, such as poor spelling and grammar, pressure to act quickly, “too good to be true” offers or promises of returns, and unusual payment methods.
Anyone who has had contact with iCap Law LLP is urged to contact the JFSC’s Enforcement team or its confidential whistleblowing line on +44 (0)1534 887557.