Police warn over shares scammers

More than £1m has been paid out, police say

Police on the Isle of Man have warned residents not to pay any money to people who cold-call with offers of cheap shares with large returns.

Detectives have said more than £1m has been paid out by Manx residents to such scammers.

Officers said several local people had lost more than £250,000, while the average loss was £30,000.

The Financial Crime Unit has released a set of guidelines advising people to avoid stocks and shares fraud.

Police are urging anyone who has lost money in a shares scam or anyone who suspects somebody is trying to defraud them in the same way, to contact the Financial Crimes Unit.