Please exercise extreme caution if you are contacted by Interstate Storage Solutions or their supposed lawyers, East Coast Law Florida, purporting to be from the USA, in relation to the acquisition of your storage pods.
A client of TLW’s was approached by Interstate Storage Solutions offering to acquire their Store First storage pod. The firm intimated to the client that they had taken 71% ownership of Store First, then offering to purchase the client’s 41, 700 shares at $3.50 each.
The client initially purchased their storage pod from Store First for £3,750, fortunately our client heard alarm bells ring when they realised they were being offered $145, 950. The level of the offer is very high indeed, which would give anyone cause for concern, the offer is even more unusual when you take into consideration the fact that some of Store First’s storage pods operation is the subject to winding up applications by the Government.
Our client received some official papers from East Coast Law Florida which the client was supposed to fill out, giving over bank details and signing the document. A quick Google search on escrow share scams produces a number of pages pointing out the pitfalls of these sorts of approaches.
If that wasn’t enough the plot thickens even further! A Google search on the address of East Coast Law Florida (the Law Firm that have supposedly drafted the legal documents) appears to be in a residential tower block that has yet to be built.
Whilst we cannot provide advice in relation to commercial transactions and in particular those in a foreign jurisdiction our view is that “if it sounds too good to be true then it probably is” and you should exercise extreme caution and undertake your own due diligence before entering into a transaction or providing any personal details including any of your own bank details to a third party.”
TLW Solicitors can assist where negligent advice has been provided by a regulated financial adviser to invest in a product – so if you have been cold called etc – please do not hesitate to contact us.
If you are concerned about an investment that stemmed from a cold call, spam text or email please contact TLW Solicitors for advice.