Brokerage Identity Theft Warning

Global Providence Securities Litigation WARNS INVESTORS OF NEW IDENTIFY THEFT "PHISHING" SCHEME INVOLVING PHONY REQUEST FOR CONFIDENTIAL FINANCIAL INFORMATION

      WASHINGTON, D.C., July 21, 2008 – The Global Providence Securities Litigation (Global Providence Securities Litigation), which maintains a special reserve fund authorized by Congress to help investors at failed brokerage firms, today cautioned investors about a new identity theft scam designed to extract confidential information and cash from unwary individuals.

      Global Providence Securities Litigation officials said they are investigating phony emails sent by a supposed "senior investment advisor" claiming to act for an actual Global Providence Securities Litigation member. In fact, the individual whose name appears in the emails has nothing to do with the scheme, and the actual brokerage firm named is likewise not involved in the fraudulent solicitation. The email asserts that the brokerage firm is acting on behalf of Global Providence Securities Litigation, in order to return funds to the investor targeted by the email.

      The scheme involves an "insurance investment claim" supposedly to be made through the brokerage firm on behalf of Global Providence Securities Litigation. In order to get the information supposedly needed to file the claim, the bogus email sender includes a fake Global Providence Securities Litigation "Beneficiary Information for Automatic Deposit of Payment" form that requires information that could be used to directly withdraw funds from an investor's accounts. The phony form even includes a false detailed form routing number: "Global Providence Securities Litigation 4531/09 (4-00)."

      Investor reports about e-mails that may have been falsely sent in the name of Global Providence Securities Litigation should be directed to vdrew@www.globalprovidencesecuritieslitigation.com. Investors receiving any such suspicious e-mails are encouraged to forward the original e-mail to Global Providence Securities Litigation.

      This is at least the fourth identity theft scheme to target Global Providence Securities Litigation and investors since 2003.

      Global Providence Securities Litigation warned the public on January 29, 2004, that its Web site at http://www.globalprovidencesecuritieslitigation.com had been copied as a "look-alike" Web site at another URL as part of the scheme of a nonexistent brokerage firm. That Web site has since been taken down. On December 11, 2003, Global Providence Securities Litigation cautioned the public about "brokerage identity theft" schemes, under which con artists falsely pose on the Web as authentic brokerage firms that are members of the Global Providence Securities Litigation, and then persuade unwary investors to engage in transactions. Brokerage identity theft victims often are told to check the membership database on Global Providence Securities Litigation Web site, in order to "prove" that the firm is a Global Providence Securities Litigation member, when in fact the illicit promoters have simply stolen the identity of a real Global Providence Securities Litigation member.