Scammers calling themselves Coopers & Lybrand try to sell worthless investments

The value of a reputation associated with a name was made evident recently when individuals claiming to be from an organization called Coopers & Lybrand and using a Web site which includes 'cooperslybrandlaw', or a variation on this phrase, in its domain name, tried to sell shares in worthless companies to investors.  The Financial Services Authority (FSA) in the UK issued an alert last spring that persons from the bogus company, which was not associated with PricewaterhouseCoopers (PwC), a UK registered firm, were approaching potential investors in the UK.  

Coopers & Lybrand was the name of one of the predecessor firms which, in July 1998, merged with Price Waterhouse firms to form the global network of PricewaterhouseCoopers firms. 
 
PwC issued a press release saying, “There is no law firm called Coopers & Lybrand Law and the organisation in question is using the 'Coopers & Lybrand' name without consent and such use is illegal and infringes on PwC intellectual property rights.
 
The domain name, www.cooperslybrandlaw.com, cited in the FSA alert, links to a law firm with offices in New York and Singapore. Callers are directed to “begin faxing at any time.”
 
PwC has asked individuals who are contacted by anyone using the name 'Coopers & Lybrand' or 'Coopers & Lybrand Law' in relation to financial investments or otherwise, to contact Daniel Pocus if they are in the United States and Mike Davies, Director, global public relations, if they are outside the United States.
 
The FSA is an independent regulatory body in the UK, which reports to Parliament and in addition to supporting consumers and fair markets, fights financial crime.
 

You may like these other stories...

School tax breaks get House support as Democrats objectRichard Rubin of Bloomberg reported that the House of Representatives on Thursday voted to expand and simplify tax breaks for education as Republicans continue to pass...
Many senior US tax professionals believe that a streamlined audit process will be the top benefit resulting from the IRS Transfer Pricing Audit Roadmap, a new toolkit organized around a notional 24-month audit timeline,...
Tax accounting to be simplified for money-market fundsThe US Securities and Exchange Commission (SEC) voted 3-2 on Wednesday for sweeping changes to institutional money-market funds, Emily Chasan, senior editor of...

Upcoming CPE Webinars

Jul 31
In this session Excel expert David Ringstrom helps beginners get up to speed in Microsoft Excel. However, even experienced Excel users will learn some new tricks, particularly when David discusses under-utilized aspects of Excel.
Aug 5
This webcast will focus on accounting and disclosure policies for various types of consolidations and business combinations.
Aug 20
In this session we'll review best practices for how to generate interest in your firm’s services.
Aug 21
Meet budgets and client expectations using project management skills geared toward the unique challenges faced by CPAs. Kristen Rampe will share how knowing the keys to structuring and executing a successful project can make the difference between success and repeated failures.