Monday, June 26, 2006

Direct Share Purchasing Corporation Pty Ltd - Biggest Scammers In Australia

You've heard about scams with companies involving shares. Well, I was subjected to one last week. It came from the Direct Share Purchasing Corporation Pty Ltd and offers to buy my AMP shares for $5.00 each. In the detail it does outline that the market value of the AMP shares is $8.72 apiece but I think that a lot of older people will get sucked in by this and misread it. What a shonk. At least I wasn't too tired from watching the World Cup to notice it.

The company is headed by a guy called David Tweed. He is well known for this unethical behaviour and it is well publicised. I wonder how many people get caught out by this scam?

I was really wild when I read this. Sure, it is legal to offer money below the market price but it's just not cricket. The paperwork includes legalese signing over power of attorney to Direct Share Purchasing Corporation Pty Ltd and allowing them to do whatever they like with your shares. If you forget to put your shareholder reference number, SRN, then you are duty bound to do your best to supply it.

Well, I removed any details that would identify me and wrote some really nasty words. Quite venomous really. And, get this, they include a self-addressed envelope but expect you to put your own stamp on it! Not only do they rip you off but you have to contribute to the privilege.

The more people that hear about the slime that is Direct Share Purchasing Corporation Pty Ltd and National Share Purchasing Corporation Pty Ltd the better. I have a good mind to send heaps of envelopes and make them pay the added expense of extra postage but maybe there is a law against it.

2 comments:

Hammysmum said...

Have you heard about the 'missed call' scam on moblies? They tell you that you have won money, not sure how much, and it costs you $15.00 or more if you ring the 1900 number to find out how to get it. They will ring once and hang up, thus making it a missed calle, which no-one can ignore. I did coz I don't ring 1900 nos.

Hammy said...

Yep heard about this. I don't ring numbers I don't know as well.