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Monday 18.02.2019 | Name days: Kintija, Kora
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FCMC warns company share owners of possible fraud attempts

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUFinance and Capital Market Commission has taken notice of certain people suspected of defrauding shares from share owners in companies listed on Nasdaq Riga securities market.

«Lately there have been attempts to defraud shares from owners who have yet to de-register securities they own in Nasdaq SE Initial Registry. Fraudsters offer owners to purchase shares from their hands for prices that are several times below their market value,» the commission warns.

To ensure security for shareholders and re-affirm the trust in financial instruments market, FCMC warns residents of fraud schemes and urges people with shares in companies to be careful when listening to different purchase offers. It is recommended to study market prices before commencing any sale negotiations. In addition, if their securities are still stored in the Initial Registry, share owners should see if they have any dividends on them.

The commission also reports that ‘potential buyers’ may use share owners’ lack of knowledge about the market value of their owned securities, or that there are dividends waiting.

Before signing the sale deal, FCMC urges residents to check the value of their securities at Nasdaq Riga to properly assess the economic benefit of the offer extended to them. If shares are stored in Nasdaq CSD SE’s Initial Registry, share owners should check of there are dividends.

FCMC notes that if share owners have questions regarding sale of company shares, they should always turn to their bank or broker association, or even FCMC. If residents suspect having suffered from fraud, FCMC recommends turning to State Police.

FCMC also adds that lately there have been several such cases. None of the possible victims have turned to FCMC with complaints yet.

According to available information, the fraud scheme works the following way: a person contacts share owners in possession of shares from the Privatization Era. They then use different arguments to convince those people to sell their shares. However, the price share owners are offered is usually well-below actual market value. Share owners are offered to sign the deal immediately. Once the deal has been made, fraudsters then sell their newly-acquired shares on the market for much higher prices and receive dividends from de-registered shares.


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