Bond Scammers Now Impersonating Barrenjoey

Bond Scammers Now Impersonating Barrenjoey

Scammers are becoming increasingly sophisticated in impersonating financial institutions in an effort to defraud unwitting investors, with Barrenjoey the latest company to issue warnings.

Barrenjoey Capital Partners was formally launched in 2020 with foundation investors Magellan and Barclays. The investment bank now tops the list of M&A advisers in this market.

The company’s fixed-yield bond products have been targeted with a fake email scam to individuals using information about the firm and then listed bond investments according to The Australian Financial Review.

Barrenjoey has since posted this warning on their website:

“Barrenjoey has been made aware of a scam currently underway where members of the public are being approached by individuals fraudulently representing themselves as our employees to pitch fake investment schemes. This offer is supported by fake marketing materials that make unauthorised use of Barrenjoey’s corporate branding.

Also read: Capital Notes – Advantages and Disadvantages

“Barrenjoey does not offer investment products to members of the public and does not have any connection to anyone offering these products.

“We would like to take this opportunity to remind Australians to be vigilant at all times when contacted by an unknown party offering investment opportunities.”

The AFR says that the fraudulent email pitch states the following:

“Your high street bank will currently only offer you between 0.7%-1.5% on a newly issued bond of between 1-5 years,” states the fraudulent pitch.

“However, we provide higher returns by eliminating much of the red tape and fees that are associated with high street banks. Instead, we charge a standard broker fee and pass the remaining savings on to our clients with higher returns.”

Financial institutions and ASIC have been issuing a steady stream of warnings as the fixed-income market and associated investments have become a preferred target for scammers globally.

In May, it was reported that an NSW family had lost $500,000 through an elaborate scam involving a fake ANZ bonds investment website.

Scammers are pretending to be from well-known financial services firms and inviting people to invest in fake environmentally sustainable green bonds, corporate watchdog ASIC has warned.

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Brenton Gibbs
Editorial and Social Media Manager
Brenton is the editorial and social media director of Fixed Income News Australia and responsible for the editorial content development and social media presence of the site. He has written widely across a number of industry platforms including property, tourism, business and education. He is a director and co-founder of communications, content and creative agency RGC Media & Mktng and editorial contributor to MBA News Australia.