Canadian Stocks/Panandean Resources shares
My brother has what appears to be a number of Panandean shares which seemed to have been sold to petrominerales- Pacific rubiales- Alvopetro Energy. He has not been well recently and keeps getting phone calls from New York asking him to sell said shares ( "Hudson Coe & Associates, LLC." ).The problem is that they want some sort of money deposited to sell these shares. Could you advise me
1 Are these shares worth anything?
2 Should he sell same?
Michael, from the information I have available, Panandean was acquired by Petrominerales, which was a subsidiary of a Canadian company which has since become Touchstone Explorations. In order to be able to sell those old shares, they would first have to be reorganized into the new company and only the transfer agent can do that. I highly recommend you or your brother contact the transfer agent, Computershare (www.computershare.com) directly. They can tell you if the shares have value and, if so, they can reorganize them into the new shares so they can be sold.
Hudson Coe & Associates is a fraud. There are numerous warnings out there that they are a scam, including one from the UK financial authorities - http://www.fca.org.uk/news/warnings/hudson-coe-associates-llc
Your brother needs to report his contact with these scammers to the FCA immediately. He can help put them out of business for good. He can do that by phone at 0800 111 6768. If no one calls, these people will continue to steal money unchecked. Please call.
In the future, the fact that they wanted money deposited first is the sure sign of a scam. No legitimate brokerage firm would require money up-front to sell a stock.