OSC warns fraud victims against becoming repeat targets in 'double-dip' investment schemes - Sympatico / MSN Finance

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OSC warns fraud victims against becoming repeat targets in 'double-dip' investment schemes - Sympatico / MSN Finance: "By Ontario Securities Commission (OSC)
It's Fraud Awareness Month
Toronto � The Ontario Securities Commission (OSC) warns that investment fraud is a growing problem, as the latest OSC public inquiries data shows more than a 50 per cent increase last year in inquiries and complaints about investment-related fraud. Common complaints involve tax avoidance schemes, �prime bank� fraud, offshore investments, high-pressure sales tactics, Ponzi schemes, as well as fraudulent high-return, no-risk investments. Inquiries about �double-dip� schemes (scams where victims are targeted more than once) are increasing, and investors should be aware of common double-dip tactics scam artists use to manipulate their victims.
Double-dip schemes often begin with an unsolicited, persuasive phone call geared to attracting people to a fake investment opportunity. The pitch may include promises of a future stock market listing and big profits. The scam artist requests money; once received, he or she may hold onto the victim list to expand his or her scam in the future, or possibly sell it to other scam artists for profit. In either case, the same victims are contacted again (the double-dip) and are manipulated into believing an anonymous investor is ready and prepared to pay a fabulous price for the shares, as long as a transaction fee (or a fee to remove a restriction) is paid up front by the victims. In reality, the scam artist pockets this �fee� (in addition to the original �investment�) and may target the same victims several more times by requesting even more money for �fees�, �taxes� etc., turning it into a triple or quadruple-dip scheme.
Any type of financial loss resulting from in"