True Fraud Story: I Was Scammed Because of a Cold Call

“When I got the offer, I didn't spend time doing a background check on my broker.” Bob, in his 60s, lost $175,000 of his retirement savings and was one of nearly 3,200 victims who lost $46 million in a precious metals scam.

The first time I met Bob, he looked pensive and upset. This independent investor recalled the scene when he answered the phone then.

“In January of 2011, I got a call. The man on the phone named Cliff asked me if I was interested in investing in precious metals. I remember asking him how did he get my phone number, and he said, well youd expressed interest before and I said well, I was not interested in it right now.”

“In May 2011, Cliff called back, and I said well ya know, I might be interested, told me more about it. So he got to tell me how he was in the precious metals commodities market and he really liked silver because he thought that the ratio of prices between gold and silver was really wrong. It had been better before, and its due for a rise.”

Bob went online to look at the price of silver in a couple of places and where its historically been. “I could see the dips and the rises and I thought well, maybe this might be a good thing for me.”

Cliff's company was called Hunter Wise. Bob looked it up online and everything he found, everything, was cool.

“And so I thought okay, but what I wanted was a long-term trade. I was not looking to make a million bucks overnight. He talked to me at great length about buying them on margin with leverage. I asked him, ‘what kind of stops do you have and what will make my investment safe.’ and he said ‘we have automatic stops in our program’ , and I said, thats great. I was okay with that.”

In the next few days, Cliff pressed the issue of buying 10,000 to 12,000 ounces of silver, claiming that Bob could maximize his profits.

“I cleaned out my retirement account,” Bob says. “I sent it to him, over several different payments.”

Then something bad happened soon. “Cliff called me up late August or the first week of September 2011. And he said Bob, were changing trading platforms. There were no automatic stops.”

“It was the third week of September when I got the call. Everything got wiped out. Everything. $180,000. Until then, I realized this was all fake. ” Bob looks extremely angry and upset.

Hunter Wise has no valid regulatory information

Here are some strategies helping save yourself and the investing community protecting from getting taken:

• Don't engage with cold callers who offer investments. And never give them personal financial details.

• Check your broker‘s or company’s background before the investment

• Dont trust any guarantees of big return with low or no risk.

• Never put all your money in one investment. A diversified plan can help protect you.

• Question a sudden change in terms.

• If you suspect that you‘ve been defrauded, don’t hesitate to contact us.

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