So we’ve all heard of the Nigerian scams, but what about the Philippines-based scams? Just last week I wrote about how a Philippines-based forex trading firm had run off with $212 million of customers’ money. Then I was surprised to hear a friend received a call from a Philippines-based boiler room asking him to invest in some IPO launch.
It all started several days ago when he received a cold call on his company’s phone line. The caller identified himself as a certain Nathan Banks and said that he was with a securities company in the Philippines that was launching the IPO of a UK firm on both the UK and Hong Kong exchanges.
My friend was naturally skeptical. Why would a successful UK company have a Philippines company launch their IPO? Furthermore, why would such a company need to cold call customers rather than marketing it through banks? However, he wanted to learn all he could about this, and see what they were up to, so he asked for more information. They told him to take a look at their website at www.talbotreese.com.
This website led to more suspicion as it showed the directors as being graduates of major US universities. But if that was the case, why were they cold calling for customers out of the Philippines rather than working in Wall Street, London, Hong Kong or Singapore?
He decided to play along and said he was interested and asked for the full company information, as well as their pre-IPO audited account statements. The only information he was given was a link to the UK government site so he could verify that the company existed, but he was told it couldn’t release its accounts till it went IPO. This sounded even more fishy as all companies that go IPO MUST release their financial records to potential shareholders as well as government regulators.
By now he was pretty sure this was a fraud, but kept acting interested on the phone. Once they thought he was a potential customer they put him through to someone called John Price who said he had to allocate a minimum of 10,000 shares to get in. This number was quickly reduced to 3,000 shares when he said he couldn’t afford 10,000. John then said he would fax over the details to do the bank transfer.
Unsurprisingly, the bank account they wanted the funds transferred to was in Hong Kong, not the Philippines, and under a different name.
The next day someone called Mike Burrows called, asking if the transfer had been made and saying the shares had already been allocated. When my friend said he hadn’t yet transferred, the person threatened with legal action if he didn’t. Of course, nothing had been signed or agreed upon, so no legal action is possible, but they continue to try to get money off of him.
The firm’s phone number is +63 25339028. Although the names above are the ones these scammers used, they are most probably fake, just like everything else they used.
Lesson: Don’t part with your money if a stranger calls to ask you to invest!
Posted in Categories: Scams, Stocks.
(2 votes, average: 4.5 out of 5)
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Hi There,
Damn, I’m one of their customers and trying to get my money back. Unfortunately I was too stupid to listen to them and trusted them for an investment in the IPO of Tricoastal Oil.
I received very recently a stock purchase certificate of which the document heading led me to a law firm in the Pilippines. Further investigation led me to the owner of this law firm Elpidio Tuazon which has been convicted for some other SCAMS. (see link : http://elibrary.supremecourt.gov.ph/decisions.php?doctype=Decisions%20/%20Signed%20Resolutions&docid=a45475a11ec72b843d74959b60fd7bd6461c07dbf26f7 )
Unfortunately I already inversted quite some money.
Are there any steps which I can take to harm this company Talbot & Reese. I know I won’t get my money but maybe there are alternatives to stop this company harming other people.
Rgds,
I am a customer with the exact same circumstances as yourself. I am awaiting my money after the alledged selling of the shares. Is there anything we can do to get our original investment returned?
Hi Pascal
I’m a victim too!!! Are you a Singaporean?? Would like to contact you to combine efforts to do something about our situation….
I have recently been liaising with an agency and they are helping me with this matter…
Regards
Hi Nicolette,
I am in the same situation as you please write me an e-mail with your contact data in order to combine our efforts. josch123@gmx.net
Best regards Josch
Hi Nicolette,
The Belgian department of Finance has been contacted already and a investigation is being started however I don’t expect too much from it so I’m quite interested in what that agency suggests ?
Tell me, what can we do ?
rgds,
Hi Pascal
I think it would not be wise to reveal details here. But you can contact me at flc_yau@yahoo.com.sg and I’ll tell you more.
Beware though, of any agency that asks for money (or private details like bank account, credit card, etc) to help you solve the problem. They could very easily be scammers pretending to help you but actually just ripping you off.
There have been cases of the same original scammers calling their customers pretending to be an agency going after the scammers and scamming them a second time around.
Hi Grace,
Please change the tiltle into TALBOT REESE instead of TALBO TREESE.
This is a conversation between myself and another victim for anyone who is interested.
T&R is gone and so is our money !!!
Well, you still can do BECAUSE there is one guy who is involved and who has been suspended for life AND which NAME is REAL.
The attourney !!! If at least one of these guys can be pursuit… it’s better than nobody
Rgds,
Pascal Vercammen
From: Felicia Yau
Sent: maandag 28 april 2008 10:03
To: Pascal Vercammen
Subject: RE: [Grace Cheng] New Comment On: Beware of Talbo Treese
Yes, it’s definitely a SCAM!!
I was asked to go to the Philippines Embassy to file an affidavit but with the latest development, not sure if it is still necessary….
These scammers will most probably set up another firm in another country and start their operations all over again….
yah, sure, we should post another comment in the thread…
regards
felicia
Pascal Vercammen wrote:
Nop, no news from the local police yet but I’m going to call them again. Also the Belgian Financial department to inform them…
So, it was definitely a SCAM.
Do you have any news from you side. Friends or other people who have been ripped off ?
Perhaps we can post another comment on the site again where we started this thread.
However the title should be changed into Talbot Reese instead of Talbo Treese. If the title had been correct I’d found the article before I invested, damn…
Rgds,
Pascal Vercammen
From: Felicia Yau
Sent: maandag 28 april 2008 9:26
To: Pascal Vercammen
Subject: RE: [Grace Cheng] New Comment On: Beware of Talbo Treese
Hi Pascal
Did you receive any letter from T&R saying that they are winding down?? I just called them and was told by the operator that all the advisors and management are gone and T&R is closing down.
Has the local police made any progress in their investigations?
Regards
felicia
Pascal Vercammen wrote:
Hi Felicia,
Nop, still no news but I can imagine why. Before we started this dicussion I had sent him a mail about my assessments of the fake attourney.
Since then it’s all quiet at the western front. He never replies an e-mail. It’s kind of leaving no traces behind.
So do not give him the impression that you know that he’s scamming or he’ll break all contact.
Rgds,
Pascal Vercammen
From: Felicia Yau
Sent: woensdag 16 april 2008 5:23
To: Pascal Vercammen
Subject: RE: [Grace Cheng] New Comment On: Beware of Talbo Treese
Hi Pascal
Did they mention anything about DNTI shares to you? They seem to be focusing on this now. As I mentioned, they tried to get more money from me by getting me to trade my Tricoastal shares with DNTI shares.
Next time he calls, you should threaten to go to the police if they don’t return your money by a certain deadline and see what’s his reaction.
I will also update you when I hear from the Embassy.
Regards
felicia
Pascal Vercammen wrote:
Hi Felicia,
Last week he told me he’d phone me but you can guess… up until now nothing heard yet
Last weekend I went to the police to start a formal investigation. I’ll keep you informed about it
Meanwhile I’ll try to get in touch with him. Of course nothing mentioning about police etc…
rgds
________________________________
From: Felicia Yau
Sent: Tue 4/15/2008 8:19 AM
To: Pascal Vercammen
Subject: RE: [Grace Cheng] New Comment On: Beware of Talbo Treese
Hi Pascal
Any news from Talbot & Reese? Did Tom Grant call you about your money??
There’s another lady from Norway whose husband is also a victim to this scam.
Rgds
Felicia
Pascal Vercammen wrote:
Yes, Tom Grant
36K US $
Any idea how I can do that because itâEUR(tm)s not next door for me, right?
Did you receive a paper of your stock purchase ? I did and thatâEUR(tm)s why I checked the name of the firm on the enveloppe because it made me suspicious
Rgds,
Pascal Vercammen
From: Felicia Yau
Sent: vrijdag 11 april 2008 10:20
To: Pascal Vercammen
Subject: Re: [Grace Cheng] New Comment On: Beware of Talbo Treese
Hi
That is interesting!! Did they say when you will get your money back?? Btw, how much have you invested?? I have invested about US$250K. The guy who called you, his name is Tom Grant, right?? It’s the same person who called me.
I think I will try your method of threatening to take action against them and see what their response is.
If I hear anything from the embassy, I will let you know. In the meantime, why don’t you also file a complaint with the NBI on Tom Grant?
Regards
—– Original Message —-
From: Pascal Vercammen
To: Felicia Yau
Sent: Friday, 11 April 2008 2:35:17
Subject: RE: [Grace Cheng] New Comment On: Beware of Talbo Treese
I think theyâEUR(tm)re just trying to get some more time before they close down everything.
I sent them a real pissed mail telling them that I would do anything to stop them
So, now theyâEUR(tm)re trying to keep me calm by telling that theyâEUR(tm)re selling my shares and that I will get my return pretty soon.
PS: look at these links about the attorney I got my shares from
Excerpt of one of my mails:
Hi Tom,
Can you explain me the role of Elpidio Tuazon ?
I canâEUR(tm)t find anything about this company !!! Although I got a certificate of stock holder.
I donâEUR(tm)t understand this because I never have had stocks PHYSICALLY.
Also I DO NOT TRUST that attourney mentioned on the TNT delivery note:
Elpidio Tuazon âEUR” Law firm of Atty. Jeremias Vitan => did you read this article ???
http://www.supremecourt.gov.ph/jurisprudence/2006/july2006/6955.htm
and this article : April 2007
http://elibrary.supremecourt.gov.ph/decisions.php?doctype=Decisions%20/%20Signed%20Resolutions&docid=a45475a11ec72b843d74959b60fd7bd6461c07dbf26f7
and this article
http://www.supremecourt.gov.ph/jurisprudence/2005/apr2005/ac_5835.htm
ItâEUR(tm)s full of articles against this attorney !!!
That guy is even suspended today !!! This guy is a professional swindler.
2007
WHEREFORE, respondent Atty. Jeremias R. Vitan is SUSPENDED from the practice of law for a period of one (1) year effective from notice, with a STERN WARNING that a repetition of the same or similar acts will be dealt with more severely.
Rgds,
Pascal Vercammen
From: Felicia Yau
Sent: vrijdag 11 april 2008 8:17
To: Pascal Vercammen
Subject: Re: [Grace Cheng] New Comment On: Beware of Talbo Treese
Hi Pascal
I presume you are not a Singaporean….Are you from Belgium since you said you have filed a complaint with the Belgian Financial Authority?
As T&R is registered with the SEC in Philippines, I have filed a complaint with the Philippines Embassy in Singapore. The embassy is liaising with the trade office in Manila to investigate this matter. They called me yesterday to say that they have asked the SEC in Philippines to do a thorough check on the company and take action against the company. They will try to recover the money for me if possible.
In the meantime, the officer also advised me to file a complaint to the National Bureau of Investigation (Philippines) on the two brokers from T&R who contacted me.
This is what I have done so far. Any news from your side? Btw, did T&R contact you recently? I received a call from them two days ago trying to get me to buy shares in DNTI.
Regards
—– Original Message —-
From: Pascal Vercammen
To:
Sent: Friday, 11 April 2008 1:45:19
Subject: RE: [Grace Cheng] New Comment On: Beware of Talbo Treese
Hi Nicolette,
OK, tell me. I’m very interested.
Rgds,
Pascal Vercammen
Hi
My name is Mike and I too have been suckered by T&R.
If there is anything I can do, please let me know. If there is any info you can pass on to try and help me get my money back, please help!!
I am in South Africa.
Regards
Mike
Hi Mike,
the only thing we can do is to spread the news at every forum where possible and to prevent others from being scammed in the FUTURE by our story.
Because believe me, they’ve closed their “business” and disappeared out of the scene but they’ll come back using another name and another scenario.
So, let’s WARN other people !!!
For us it’s too late.
PS: the lawyer firm of whom you’ve received a “worthless” paper of your stock has been SUSPENDED for LIFE. See excerpt hereafter of my findings.
You could take contact with the court and try to get this attorney because he’s as GUILTY as the others.
Even if we only get ONE of the misfits of T&R, it’s worth trying….
Excerpt + links:
===========
Also I DO NOT TRUST that attourney mentioned on the TNT delivery note:
Elpidio Tuazon âEUR” Law firm of Atty. Jeremias Vitan => did you read this article ???
http://www.supremecourt.gov.ph/jurisprudence/2006/july2006/6955.htm
and this article : April 2007
http://elibrary.supremecourt.gov.ph/decisions.php?doctype=Decisions%20/%20Signed%20Resolutions&docid=a45475a11ec72b843d74959b60fd7bd6461c07dbf26f7
and this article
http://www.supremecourt.gov.ph/jurisprudence/2005/apr2005/ac_5835.htm
ItâEUR(tm)s full of articles against this attorney !!!
That guy is even suspended today !!! This guy is a professional swindler
Hi
Has anyone heard abt Davis Mayer who bought over Talbot & Reese?
Rgds
Broke
No, I haven’t. Actually haven’t heard from anyone since I received the announcement that they are being wound up.
No, I haven’t.
Hi! im frank! i know some things about talbot & reese. i know where they are located… i know the people behind that fraudulent activities.. i can give you some information but the thing is how can they be prosecuted??
Hi frank, how were u involved?
hi frank, i honestly can’t think of any way to; they are pros
hi frank, i honestly doubt it; how to prosecute? i don’t think there’s hope.
hi! i have been following this group for about 6 months now. i had a lot information.. i really want to tear this group of swindlers apart. but i really cant do it alone, i need help.. we really cant just let them getaway and enjoy our hard earned money.. i have been talking to a lot of lawyers here and the good thing is, there is hope. another question is who’s going testify against them?? are they willing to go here in the philippines to testify? anyone?
Hi there,
I’m sure willing to testify. I already went to the Belgian police. However I cannot travel to the Philippines.
I cannot imagine that these days some kind of teleconference is not allowed for global cases.
Hi All,
Phone calls received since 3 days by a certain Adam Lloyd (what is in a name ?) - he is working for Morley Thompson (and situated in Japan).
His strong and noisy recommendation is Tricoastal Oil and Gas - price 12 US$.
I have contacted Belgium authorities (CFBA) with this information.
Oger
Hi Oger,
Thanks for the info.
Please put all HYPERLINKS and NAMES on this blog !
It might help other people who google for some info about the company which is trying to convince them to invest.
If I had seen this BLOG before I invested I’d would have stayed a happy man. Now I’ve to work extra to cover my debts.
Hi there.
I have also put some money into T&R (fortunately not too big an amount) and – of course – would like to hit them in the rear and try to get it back.
Therefore, if you have any approach to get them and/or any need for support in this context, kindly let me know, please. I would certainly be willing to contribute to whatever activities are needed.
Additional information:
The next group of “investors” is apparently on the way, 2-3 days ago I received a call from London (Oxford Capital Group), by a certain Carl - a guy with an Indian accent, trying to talk me into investing money. The method was too familiar, so there might even be a connection to T&R. At this first stage there has not really been a lot of information, but the general direction of this new business is “pharma”.
Has anybody had similar calls lately? Has anybody got any insider information?
Regs
Dirk
Hi there.
I have also put some money (fortunately not really big) into T&R and - of course - I am eager to hit them in the rear it there is any chance.
So please keep me in the loop of info as well, if you start any activities or need somebodey to join your activities.
One more informaiton: A certain “Carl” (with an Indian accent which is a strange combination) from Oxford Capital has called me lately starting the same way of investment blabla again. I have no real details yet, but the general direction is “pharma”.
Has anyone had the same type of calls or received any similar calls???
Regards
Dirk