An unauthorised Hong Kong based investment firm has been cold-calling Irish investors who have already lost money to unauthorised overseas companies, seeking to get them to invest in new schemes.

A warning notice from the Central Bank about Burlington International is published in today's newspapers.

The firm has been contacting people who have lost money by investing in shares through unauthorised overseas investment firms. These people have bought shares which subsequently turned out to be worthless. Burlington International has been offering to buy the shares for the original purchase price, but explaining that initial payments for various reasons are required before the transaction can go ahead.

The company is also understood to be contacting the owners of other shares, bought through legitimate brokers, and offering to pay a high price for them. The sellers are being told they have to forward money to pay for a performance bond, money which they would, on the face of it, recoup once the premium price was paid for the shares.

It is not known if any investors have taken up offers from Burlington International. Investors who place funds with an unauthorised firm are not eligible for compensation under the investor compensation scheme.

Under the terms of the licences issued to investment firms, cold-calling or the making of uninvited contact with potential investors, is not allowed. The Central Bank has asked anyone who has been contacted by Burlington International to telephone the bank at 1890-200-469. The same number can be used by people who wish to establish whether a particular investment firm is authorised to operate here, before making an investment.