August 26, 2008

Our office received a fake invoice from Stock Quotes Professional Inc. last Friday.

We had no recollection of asking for a “rotating top banner with hyperlink” to our web site. The exact description on the invoice was: “Bi-annual online investor communications sponsorship”, followed by the hyperlink (spelled as hperlink) text above and then “International Stock Quotes”. The invoiced amount was $449 plus GST, amounting to $471.45.

Their web site is pathetic: www.stockquotespro.com. Who in the right mind would even want to post a banner there. It looks like a quick, five-minute web site. Take a look and see for yourself.

We called their toll-free number, 1-877-859-0117, to ask for clarification and were transferred to voice mail on two separate occasions. Further, I looked up the GST number in the CRA registry. I wasn’t shocked to see: “Not registered on the transaction date entered”.

Bottom-line: If you receive an invoice from Stock Quotes Professional Inc (Calgary, AB), do NOT pay it! As we have done, report them to the Better Business Bureau and the Canada Revenue Agency. A business is not allowed to charge GST unless it has been registered to collect GST.

Update (9/4/2008):

Another company, Walstreet International, Inc. (Toronto, Ontario), has followed suit. They are charging $399 bi-annually for the same service — a rotated corporate logo on their web site. There’s also a $19.95 charge for GST, but there’s no GST number (another red flag) on the invoice. The web site looks more reputable, but it’s a scam: www.walstreetintl.net. The small print on this one: “All subscriptions begin upon payment and automatically renewed bi-annually for 3 years.” The emphasis is mine. In other words, another scam to make a quick buck from unknowing accounts payable departments at publicly traded companies. Luckily it ended up in my hands — another scam to report. We called their toll-free number only to be forwarded to voicemail: 1.800.581.1559. Look at the culprit behind the domain: http://whois.domaintools.com/walstreetintl.net (scroll down to the whois record).

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Currently 4 comments

  1. Comment by MIke Bennett

    Our company just got a $499 invoice from them. There is no clue on the invoice that it isn’t real. The words at the bottom are “All subscriptions are renewed bi-annually for the agreed upon term of 4 years. 2% per month (24$ per annum) interest chargted on all all (sic) overdue accounts.

    It’s addressed to Accounts Payable, but my name (I’m CFO) is taken in vain as “Contact.”

    I believe I’ll try to find where in the Ontario government one lodges a complaint about fraudulent activity. That’s where the owner of the domain has his address listed.

    Aaargh!

  2. Comment by Mark

    I was invoiced by Walstreetinl.net for $499 under by annual billing on a 3 year contract. The invoice referenced my CFO who has heard of the company. There is nobody to talk to at accounts payable. The address is NY, but the FAX is CT. WhoIs says that the domain is owned by Claude Cartwright, which is not the company name. We will be ignoring this invoice.

  3. Comment by mandy

    Yes, just received the “invoice” for $449.00 for the website of a rotating banner…what a scam, we NEVER have done business with this company nor do we intend to..watch out people, check and re-check mail requesting payment at theend of the year. This invoice came from stock quotes professional of los angeles, ca

  4. Comment by Mike

    I’ve just received another one, got one last year, this is in England by the way. Didn’t pay that one either. I did try and find out who they were, it’s obviously not genuine. They must be making money if they are sending repeats out, so I think I’ll have another go at them.

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