Popular Links
Right Column
News Release: 03-11
GRAY DAVIS, Governor
Date: 10/07/03
DEMETRIOS A. BOUTRIS, Commissioner
California Regulators Warn Consumers to Beware of Phone Solicitations Made by Unlicensed Company
**INVESTOR ALERT**
Sacramento, October 7, 2003 — The Department of Corporations today warned 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 A 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 a vigilant investor in Northern Ireland, the Department discovered that there is no company with the name International Business Advisers registered with the Secretary of State nor 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.
The Department of Corporations is California's Investment and Financing Authority, reporting to the Business, Transportation and Housing Agency and the Governor. The Department is responsible for the regulation, enforcement and licensing of securities, franchises, off-exchange commodities, investment and financial services, independent escrows, consumer and commercial finance lending and residential mortgage lending. For further information or to obtain a complaint form, see the Department's Web site at www.corp.ca.gov or call 1-866-ASK-CORP (1-866-275-2677).
###