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Last Updated: Tuesday, 8 January 2008, 17:29 GMT
Warning over 'boiler room' scam
Jersey Police said the criminals can sound convincing on the phone
A warning has been issued by police about a scam involving a bogus investment company.

One man has already lost 10,000 after being cold-called on the phone and investing his money in the company which later turned out to be fake.

Det Con Bruce Liron from Jersey Police said details of the scam have been sent to officers at the Metropolitan Police.

He said it was a well known type of scam, usually carried out by international criminals.

"It's called a boiler room scam for a specific reason," he told BBC News.

"They put pressure on people over the phone, enticing them to invest in this opportunity.

"It sounds convincing - somebody plausible on the end of the phone, but what people must remember is that these people are criminals and this is their way they extort money."

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