The BBC carries a story about a share scam perpetrated against British investors.

A father and daughter have been accused of tricking 15,000 mostly elderly British citizens out of more than $70m (£34m) by selling worthless shares.

Investigators allege Paul Gunter, 58, and daughter Zibiah, 25, from Florida, sold fake shares in 50 dormant firms...

... The BBC's Andy Gallacher, in Miami, says it is thought the Gunters hijacked the identities of the dormant, publicly traded companies and used high-pressure sales techniques to sell worthless shares to British investors.

The type of operation being reported here is often referred to as a boiler room. The BBC also carries this Q&A on the subject of boiler rooms.

So what is a boiler room exactly?

Typically it involves a few people sitting in an office somewhere abroad who call you on the phone and try to persuade you to buy shares in a company.

So how do the conmen do it?

Sheer persistence and a persuasive line in patter appear to be the key ingredients.

Many of the victims contacted by the FSA said they had been subjected to repeated calls from the boiler rooms until they gave in and finally agreed to hand over their money.

Persistence does pay off if you are a fraudster.

Substitute plots of land for shares in a company in this description of a boiler room and this may paint a familiar picture if you are one of the many people has been approached to buy an investment plot.

The advice give at the end of the BBC's boiler room Q&A may well be worth considering if you have been approached to buy land plots too.

What should I do if someone calls me offering cheap share investments?

Do not believe a word of it. Just put the phone down and then give the FSA a call at its contact centre on 0845 606 1234. The authorities are always keen to know of the latest scams.

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