Business Irish

Friday 22 August 2014

Cold-call scam targeting United Drug investors

Charlie Weston Personal Finance Editor

Published 07/02/2013 | 04:00

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SHAREHOLDERS in United Drug have been warned about fraudsters targeting them in a bid to get their bank details and other information.

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It is the second time that shareholders in the pharmaceutical distribution company have been the focus of dodgy investment firms claiming to offer a high price for the shares.

Brendan Burgess, the founder of Askaboutmoney.com, said a US firm not authorised here was cold-calling shareholders.

"They send out a non-disclosure agreement to people who fall for it," he said.

The Central Bank said it had seen a 100pc jump in complaints about unauthorised firms contacting them with offers to buy or sell shares.

United Drug posted a warning on its website telling shareholders to be wary.

The callers' approach has been to tell shareholders that a deal involving the company is imminent and they are likely to be offered a substantial sum for their shares.

Once they have opened a dialogue, they use the "deal" as a front to ask for bank details, often by requesting such things as a contribution to start-up legal costs.

Glanbia and Total Produce shareholders have been the targets of similar scams.

Irish Independent

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