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Been "Boiler Roomed" ? (Long, but a lesson for all, - Sorry)

In November 2007 I succumbed to some very hard selling by a salesman from Lombard Asset Management Ltd. and agreed to buy some shares in a company called Kleenair Systems International.

They were said to be uniquely well placed in supplying equipment to retro fit goods vehicles to meet the requirements of the London Emmissions Zone which was shortly to be introduced, and In fact were the only company supplying re-fits at that time that were approved by Transport for London.

I paid £2.3k for 10,000 shares.

Once having paid I heard no more from Lombard A.M. Except that occasionally a salesman would call and attempt to sell me more shares in Patagonian Gold mines etc. When they called I challenged them on the position of Kleenair Systems and they said that unfortunately the company had encountered unexpected competition but the company was sound.

Well, having just realised I had heard nothing for 22 months I did some research on the web to find out that not only has Kleenair apparently gone bankrupt, so has Lombard Asset Management.

It appears that Kleenair were already on the skids when Lombard A. M. sold me the shares and that the prospects for the shares were heavily overstated, if the company wasn't actually trading whilst insolvent. AFAICS it seems I didn't buy a tranch of Kleenair shares for myself, and I never got a share certificate. What I got was a part of a shareholding held by Lombard A.M. But have no paperwork other than the contract note which they sent to me asa request for payment This would seem to make it possible for some broker to buy a practically defunct company (or part thereof) on it's last legs and sell "Shares" in it willy-nilly, make a big profit on the sale and allow it to go bankrupt

:-((

Naturally I am wondering if there is any likelyhood I could recover any of my money, and if so, how !

Have any irregularities been committed by Kleenair Systems or Lombard A.M. who were succeeded by "White Square Investments" who it seems have now been de-listed by the FSA. ?

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Would there have been any need for the individual persons I dealt to be registered with the FSA? I still get calls from them plugging super promising shares in companies making unicycles in Shanghai, Icelandic Pineapple Groves, or somesuch. "The recession is over, imperative you move to buy the shares now -Yada, Yada, Yada. " so the script goes.

Is it likely any offences were / are still being committed? I was always aware that investments can go down as well as up, but it comes as a shock to find that all my money, every last penny, has gone without trace.

Any help /advice much appreciated.

Derek

Reply to
Derek Geldard
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According to Companies House, White Square Investments Limited is now in administration. Its former name was Lombard Asset Management Limited.

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ils

The FSA Register shows that White Square Investments Limited is "no longer authorised".

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2597 The Financial Services Compensation Scheme website shows that White Square is not (yet) in default.
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Both Companies House and the FSA show White Square's address as Tenon Recovery Limited (an insolvency practitioner).

If you consider that you have suffered loss as a result of poor advice received from White Square (formerly Lombard), you could try contacting Tenon Recovery, at the address given by Companies House and the FSA.

You could also try the Financial Ombudsman Service and/or the Financial Services Compensation Scheme. The FSCS publishes information about who can claim, and also links to a leaflet explaining the different roles of the FSA, FOS and FSCS - see

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. Both the FOS and the FSCS can help consumers who are unsure as to how / to whom they should complain. The FOS's contact details are on its website at
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If you were advised by anybody other than White Square, and you consider that you suffered loss as a result of that firm's advice, you should contact that firm in the first instance.

HTH

Mouse

Reply to
Mouse

I put the phone down on criminals.

Somebody phoned me about selling me land that was bound to appreciate greatly. I asked why they would want to sell me the land when they could make the profit by holding on to it?

Reply to
PeterSaxton

Quite so. I'm baffled as why anyone would buy anything in response to a cold call, but especially why they would fall for a promise of something for nothing. It makes no sense, whichever way you look at it.

Reply to
Mike Barnes

In message , PeterSaxton writes

Smart move.

Exactly, it always amazes me that people want to tell me, in exchange for my money, how I can get rich quick or make a fortune on the stock market, trade CFD's, pick winning horses, win the lottery etc. If they really knew the answers they would be far better of doing it themselves rather than telling me how to do it. Suggests that maybe their certain winner isn't quite what it seems.

Reply to
Paul Harris

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