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'Decoding Commercial Crime' on |
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London gold refers to a product based on the standards of the London Bullion Market Association and is primarily traded over the counter. Companies providing gold trading services in Hong Kong are not required to register with, or obtain a licence from, the Securities and Futures Commission. These gold trading activities are conducted through direct negotiations between buyers and sellers over the counter. To attract and lure victims into London gold investment transactions, fraudsters generally organise free investment seminars as bait or approach victims through cold calls. Subsequently, the fraudsters would ask the investors to sign documents authorising a third party to invest on their behalf. However, agents misuse victims' accounts for high-frequency transactions, leading to a loss of victims' invested capital via trading loss and hefty commission. Potential investors should think twice before giving power of attorney to others and make investment decisions according to their ability to take risk and their investment preference. For more information and tips on prevention of "Loco-London Gold Fraud", surf RTHK's website at www.rthk.org.hk for the episode of "Decoding Commercial Crime" on the Police Magazine TV programme. The next topic of the "Decoding Commercial Crime" series will be "Counterfeit Currency and Payment Card". |
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