Yamanashi Asset Management

[davidsc]

I have been badly bitten by a company that called itself Yamanashi Asset Management (YAM).

This company is involved in fraudulent, deceptive business practices which have been reported on the Global Investor Alerts site and by the Australian Securities and Investments Commission (ASIC).

The YAM website and email accounts have disappeared in the last day - not sure if the scammer is hightailing or their internet service provider has woken up to them.

At this stage I am endeavoring to find out whether there have been any other cases where unwary investors have been caught in the YAM scam.

The process rules of the Cybercrime Investigative Unit of the Australia Federal Police (ACORN) are such that this matter cannot be referred to INTERPOL unless other cases like mine come to light. Given that ASIC had already issued a scam alert before I became aware of my plight, I am wondering whether there have been other victims of YAM's nefarious business practices. Surely I haven't been the only 'lucky' one.

Please respond to this message if you know anything about YAM or have been pinched by them.

David

[NYGman]

https://www.moneysmart.gov.au/scams/com ... management

ASIC advises this company could be involved in a scam. Do not deal with this business as it is unlicensed in Australia.

The business listed below has made unsolicited calls or sent emails about investing, financial advice, credit or loans and does not hold a current Australian Financial Services (AFS) licence or an Australian Credit licence from ASIC.

More information on dealing with investment scams and banking and credit card scams.

[notorial dissent]

I should think, although I could be wrong, that if this has been reported to the Australia Federal Police and the Securities Service, as a financial crime they should have the authority and ability to investigate one way or another, and should be able to determine if the crimes involved extended beyond Australia's borders. I would imagine that having others victims come forward wouldn't hurt, but it shouldn't be a necessity for them to act. I do think posting on the investor sites can't hurt, and I would suggest particularly the one where you got involved.