Stock Scams Lure Thousands of Swedes
Thousands of Swedes have lost big parts of their savings in the last few years by investing in worthless over-the-counter derivatives in the United States, reports Swedish Radio News. A majority of those scammed are retirees who have been persuaded to place their savings in worthless stocks and bonds, lured by the promise of a good, fast return on their investment.
Scams are typically initiated by native-English speakers posing as legitimate stock brokers over the phone.The Swedish Police say there have been 2,600 cases in which at least 12 thousand dollars have been invested. The Swedish Police and Swedish Financial Supervisory Authority estimate that Swedes lose from 385 to 510 million dollars every year on the investments.