Behind offers high returns are hiding in many cases, dangerous night operations that operate outside the law.

The white-collar crooks have found fertile ground in the financial markets. The greed of investors, some investors, is a suitable breeding ground for this type of character and dubious ethics relaxed aesthetic. The danger is great, because there are lots of conditions that prevent detect early enough. Their camouflage is good. Blend with the surroundings and venerable citizens go through when they are actually rogues, gulfs and trileros middling. A good example of the sophisticated levels that have reached these scammers is that the FBI (Federal Bureau of Investigation) U.S. lately has had to divert much of its agents work on terrorism and other crimes to be allocated to research financial scandals such as the alleged Bernard Madoff Ponzi scheme.


In any case, the modus operandi is usually similar. One of the main tricks is to attract investors by offering high returns. At the beginning with their own money, and then, when things do not work, create a pyramidal framework in which new investors pay the benefits of the ancients. A support structure is difficult, but sometimes has been extended in time and space thanks to the economic boom.

Tips to follow

Anyway, usually the result is usually the same. The capital invested is gone and managers or disappear without trace or imprisoned . but never returned the money. To combat these abuses, organized markets, with the CNMV to the head, have created a network of alerts and advice to be followed to the letter as soon as possible to escape the night operations and fraud. And fall into deception easy. The promise of big profits with little risk becomes an irresistible temptation. The high-flying trileros know and deploy all his skills to take advantage of human weaknesses. From the old “play polled” the swindlers have taken advantage of the greed of their victims.

The so-called night operations are only investment service entities outside the law. They are not registered with government agencies that support and provide assurance to investors. Customers often come out of the blue, via Internet or phone and are presented as great experts.

Legality and ethics

Be careful, because the bars are not the only traps where the investor can get caught. This way of acting, has recently joined legal action, but hardly ethical, and short sales are linked to the most pure and simple speculation and asset coverage. Some experts suspect that in these months there has been more or less making occasional borrowed shares without knowledge of the owners. Pulling to give Jose Manuel Martinez, president of Mapfre, And asked in his speech at the shareholders’ How are allowed on the Exchange, where the personal and institutional savings of Spanish, some “hedge fund”Speculate and presume to make profits by promoting the reduction of share prices?

Some stockbrokers fear that many of the actions borrowed are even owned by the major shareholders of listed companies. Are taken without their consent. Occasionally, international repositories instead of declaring the actions on behalf of the investor Iberclear final accounts maintain the same global or omnibus accounts. Sometimes they can get to settle their differences in positions and titles for all purchases and sales.

In fact, it is not unusual in complex account opening agreements international entities such clauses, which enable the depositary to borrow securities without further communication to the legitimate holder of the shares. Securities loans made between his clients within the global account are not necessarily known to Iberclear (the management company of Registration, Clearing and Settlement Values ​​in the Spanish markets).

Gallery scandal

The intention is to strengthen the Executive’s external control and bring more discipline to the capital market performance, as recently explained the Secretary General for Economic and Competition, Black Cherry Louis. The goal is to provide “more transparency and clarity” to the activities of corporations and especially the relationship between accounting practices and auditing of its activities.

The ultimate responsibility for everything to work well is the regulatory bodies. The law is crystal clear and when abuses occur as short positions or scams like Madoff should act quickly enough. Regulators, custodian banks, auditors and rating agencies are required to take responsibility in an efficient and active against these outrages.