East Coast Law Firm / East Coast Law Florida

[Legal Beagles]

We believe this firm has been providing financial services or products in the UK without our authorisation. Find out why to be especially wary of dealing with this unauthorised firm and how to protect yourself from scammers.

https://www.fca.org.uk/news/warnings...st-law-florida

[DocLeigh]

Re: East Coast Law Firm / East Coast Law Florida

I was telephoned by somebody who gave his name as "James Barker" on 19th June and his telephone number as 001 786 523 0117. Although clearly English from his voice, he claimed to be working for "East Coast Law" in Florida which, he said, had been commissioned to contact shareholders in "U.S Oil Managements" which had been the subject of a successful "hostile bid" having secured over 51% of the shares. The bidder was now obliged to purchase shares which were still held by other investors but only until it held 75% of shares after which the remaining 25% of shares would become essentially worthless.

Some years ago I had purchased some oil shares (in wells being developed) but came to the conclusion that the vendors were up to no good and that my investments were largely worthless. Mr Barker painted the scenario that the shares that I had bought would have been traded by the vendors solely for the vendors' advantage, finally landing up in companies such as "U.S. Oil Managements". He advised me that I held 44,700 shares in that company and that the hostile bidder was offering to purchase these shares at $3.50/share. The money raised from the sale would be put into escrow with the Bank of America until the shares changed hands. I was surprised that I had such a large holding that was now ostensibly worth $156,450 considering that I never spent anything like that on my purchases in the first place. This is clearly suspicious in itself.

Having expressed interest I have been sent some documents to sign but, so far, with no suggestion that I may have to put some money up front. The most obvious concern is that in the contracts it is asserted that I have clear ownership of the shares and that I will sell them to the purchaser. As far as I am aware I do not have ownership of the shares and that for me to agree to sell them would be both dishonest and would lead to me being in breach of contract. I presume it is from that point onwards I would be subject to some sort of fiscal pressure.

I am currently trying to contact the authorities in Florida to see whether "East Coast Law" is a properly regulated business and if it is I'll then contact the firm to find out whether Mr bfrker is one of their employees or whether he has cloned their firm.

[DocLeigh2]

Re: East Coast Law Firm / East Coast Law Florida

Update: There is a genuine "East Coast Law" in Melbourne, Florida, owned by a Mr Wayne Jentis who is properly registered with the Florida Bar. When asked, "Mr Barker" confirmed that this was the law firm for whom he worked but when I asked about the two people who were named on the documentation sent to me, one being described as a Director and the other as an Executive Director, he simply hung up. As far as I'm concerned it confirms that Mr Barker has cloned the genuine East Coast Law for the purposes of a scam. I have reported this to Mr Jentis.