The British Embassy, in collaboration with the Spanish Security Market Regulator, recently organised a conference in Marbella sponsored by Barclays Bank, entitled Protecting the Investor: What You Need To Know. President of the Security Market Regulator, Blas Calzada, informed the audience that between 70 and 80 financial consultancy companies offering services to British residents, above all along the Costa del Sol, are operating without being regulated by either Spanish or British authorities. Victims tend to be older residents with a certain amount of capital. According to Calzada, these financial ‘sharks’ tend to present themselves as geniuses, offering investments with a much higher return than any other company. They usually request that money be deposited at an overseas bank account, in the name of a company that is not Spanish and typically swindle an amount of €60.000 per person.
Courtesy of Essential Magazine
www.essentialmagazine.com
