Investors Warned On Fake Letters
(N.Z. Press Association) ADELAIDE, February 26 The secretary of the Adelaide Stock Exchange (Mr F. L, Wray) has warned investors against acting on rumours promoted by what appear to be authentic letters or documenta picked up in odd places. Mr Wray was referring to the discovery last week of two fake letters, one purporting to come from the head geologist of Offshore Oil, NL, and the other, purporting to have been written by a “Mr G. Knowles, chief geologist of Australasian Mining Corporation.”
The first letter was found in the stock exchange lift and the second in a city office corridor.
The two letters purport to advise Mr N. C. Shierlaw, a Poseidon, NL director, to buy heavily into A.M.C. The letter said: “Next week we intend to release a very good report regarding our substantial find,” and advised Mr Shierlaw to buy 600.000 A.M.C. shares this month. The A.M.C. chairman (Mr J. A. Manning) later denied the existence of “Mr G. Knowles.” Mr Wray warned that “it cannot be driven home too strongly that consultation with a member of the stock exchange is essential at all times before making investment decisions.”
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Bibliographic details
Press, Volume CIX, Issue 32234, 28 February 1970, Page 15
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197Investors Warned On Fake Letters Press, Volume CIX, Issue 32234, 28 February 1970, Page 15
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