BOILER ROOM SCAM WARNING

Expats and the elderly are being targeted by investment swindlers

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SPAIN’S financial market watchdog, the CNMV has issued an alert this week warning people, especially expats and the elderly, to beware of disreputable investment sales companies.

The high-pressure sales tactics employed led to them being nicknamed ‘boiler rooms’ in English and in Spanish they are known as ‘chiringuitos’ (beach bars) for the way they can pack up and disappear overnight with investors’ savings.

The CNMV noted these companies are unregistered, unsupervised and unauthorised to offer these services.

Read more in this week’s print edition or go to e-paper

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