Investors fall to cold-callers

Gullible investors who have lost money to unauthorised investment firms, targeting the Republic, are now being contacted by nominally unconnected firms offering to help them recoup their losses. The Central Bank, which regulates the investment sector, has also learned of investors giving six-figure sums to offshore investment firms which "cold-called" the investor at his or her home or place of work. Even more suprisingly, the investors have mostly been professional or self-employed people, who would normally be quite cautious with their money.

Cold-calling, the making of unsolicited contact by investment firms, is contrary to the licences granted to investment firms authorised to operate in this jurisdiction.