The BP “Clean Up” Telemarketing Scam

One of the latest telemarketing scams comes in the wake, so to speak, of the BP oil spill in the Gulf of Mexico. Scam artists are busy trying to impress people with hot stock tips concerning companies with new clean-up technologies.

This particular telemarketing scam is just the latest variation in the well-worn “pump and dump” stock scam. The way it works is that scammers tout the promise of some lightly traded public company that they allege has amazing new clean-up technologies in the works. And they tell victims that they, too can get in early and make tons of money off this pink sheet stock that’s priced at pennies per share.

They don’t mention that they are usually primary shareholders in these companies. So gullible people buy worthless stock, sending the share price up and letting the scam artists sell their shares and collect huge profits. It doesn’t take long for everyone to figure out that there is no new technology and that the stock really is worthless. No offense, but why would someone with a legitimate stock tip this hot cold call you? Out of the goodness of their hearts? Hardly!