Since I moved in Dubai for the second time almost one year ago, I have been receiving daily calls from wealth managers, hedge funds and other similar companies willing to get a slice of my monthly income to be invested. The majority of the people that contacted me proposed investments with high and captivating yields, life insurances with fantastic benefits and retirement plans that were supposed to be the best thing I could have done with my money. Most of the time there are hidden costs that devour the invested capital, reducing the potential returns of the investment, but at least they were offering known products (Generali, Allianz and other providers’ schemes) with a real possibility of getting some benefit.
However, I am afraid other companies have a fraudulent intent as the four that started calling me few months ago about an extraordinary investment opportunity. As far as I was told over the phone, two were based in Luxemburg, one in London and the other one from the British Virgin Islands or something similar. They all warmly invited me to invest a considerable amount of money in the shares of a pharmaceutical company: INOVIO PHARMACEUTICALS inc negotiated on NASDAQ.
When the first company called, I was informed that “we have privileged information about INOVIO. We know that a major contract has been recently signed and will be divulged in the next 3/12 weeks. Now, the major contract is due to bring the shares value up to +60% in few days after the news has been circulated. If you want to take advantage of the situation, just name myself as your wealth manager and invest a minimum of 50,000 USD and I guarantee you that in 3 to 6 months you will get at least 80,000 USD”. As usual, if it sounds too good to be true, it is a scam I thought and declined the invite saying that I had to study INOVIO before accepting anything.
Almost two weeks later, INOVIO value was slightly increased when I received another call. Same modus operandi, same exceptional gain to be cashed in few weeks and the like. They were even more aggressive than the first company. Inovio shares were at around 10 USD per share and the guy told me “I am saying that most probably the shares will be touching 20 USD very soon and the guarantee threshold for this operation is at least 16 USD”. I have asked about the nature of the privileged information they were sharing with me and why they were involving me (mr. no one) instead of some big money manager. The answer was elusive.
I repeatedly refused the invitation of these gentlemen that periodically came even with falling prices. From the very first call I received, the Inovio shares dropped of a considerable -25%.
Still waiting for the new contract to be announced?