Regulators warn of possible investment scam |
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October 08, 2003 – The California Department of Corporations is warning consumers to beware of a suspicious investment opportunity called Beijing Development Corporation being offered in phone solicitations by a purported California company named International Business Advisors. "International scammers are trading on the good name of Bakersfield , California , to legitimize their illegal offering," said California Corporations Commissioner Demetrios Boutris. "Neither Beijing Development Corporation nor International Business Advisers are licensed to offer securities in the state of California ." In response to a call by an investor in Northern Ireland , the department discovered that there is no company with the name International Business Advisers registered with the California Secretary of State's office or licensed by the department to sell securities. While the company claims to be located in Bakersfield , it is not clear that it has any physical presence there. Investors are urged to exercise caution. (American City Business Journals)
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