Investors may have lost $5 million in stock scam

Securities regulators in Thailand say New Zealanders were among those behind a major stock trading scam that targeted overseas investors - including New Zealanders.

In raids yesterday in Bangkok, police arrested three New Zealanders and 81 other people.

The arrests follow a two-year investigation conducted by agencies in New Zealand, Australia, and Thailand.

Charges have not yet been laid, but the scam is believed to have involved telemarketers and 'sales qualifiers' who contacted people to persuade them to invest in phoney stocks.

The New Zealand Securities Commission confirms it has been fielding complaints about the scam for the last two years and says New Zealanders may have been cheated out of as much as $5 million.

If you have been affected by an overseas stock scam we would like to hear from you.

E-mail: tony_wall@nzherald.co.nz