Drake Asset Management
Another Second Wave Stock Fraud

Drake Asset Management have been approaching investors in Australia, in an attempt to execute a second wave boiler room scam. By this, I mean that they are offering to purchase stocks sold by other boiler rooms, which are considered worthless, at a huge premium. The downside is that an up front fee or 'bond' needs to be paid to facilitate this transaction.

Once paid of course, the investor will never see their money again.

Drake Asset Management's details are

1991 Crocker Road,
Cleveland,
OH 44145
Phone 216 916 0692
Fax 216 916 0693

The Company is 'recommended' by the a FRAUD "institution": www.ispd.us (International Shareholders Protection Department), which is in itself a fraud. Please refer to the SEC for information regarding fake government sites. We understand that these people do NOT reside at 1991 Crocker Road, Cleveland.

We are not sure if they have targeted the UK yet, but they have been busy down under. Here is a quote from an Australian Investor

"ISPD put a group calling themselves "Drake Asset Management" on to me to buy my shares in International Biometrics, as a client in attempting a takeover, offering me $17.80 for shares I bought for $1.50. The interesting thing is that they claim I have 9000 shares when my share Certificate only shows 3000. of course they want an up front (allegedly refundable) fee of $14,994 to lift the restrictions."

Since International Biometrics are the game, one would expect the UK to be targeted soon.

There is an ongoing discussion on Drake Asset Management at the Boiler Rooms UK forum.