Business Irish

Sunday 19 November 2017

Cold-call scam targeting United Drug investors

Charlie Weston Personal Finance Editor

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

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, 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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