Burned by boiler room shares scam

"That's when I found out it was a scam," he says. "My heart sank and I was in a state of shock. I didn't sleep for a week."

SMC stopped returning his calls. Soon after, the phone lines went dead.

Ripped off by an unauthorised firm

Guardian Money asked Robert Howard at London broker Charles Stanley to value Kalinski's shares. He said stock in one company – which cost $97,580 – was worth $39. Another investment, bought for $3,080, would return $3.40. Kalinski's total portfolio, for which he paid $245,745, is worth less than $3,000.

"Mr Kalinski has overpaid for these stocks, to put it politely," says Howard. "He's obviously been ripped off by an unauthorised firm."

Kalinski first contacted the police and financial authorities in 2008.

"I spoke to the Financial Services Authority," he says. "It told me there was no compensation because SMC wasn't registered. The Swiss Federal Banking Commission told me SMC was on its warning list.

"I went to my local police. And, as the money went to the States, I reported it to the US authorities."

He also went to Operation Archway, a section of the City of London police that deals with boiler-room fraud. "As far as I know, none of these organisations can do anything to bring SMC to justice," says Kalinski. "I feel like I've been palmed off."

Guardian Money asked if there was any chance of Kalinski getting his cash back. "We are an intelligence-gathering operation," says Superintendent Bob Wishart of Operation Archway. "We identify subjects and pass on information to partner agencies and foreign law enforcement that may be able to intervene.

"But we do understand the level of trauma that victims like Mr Kalinski suffer. And all the information he gave us about US bank accounts has been passed to the US authorities."

Wandsworth police told us the matter was outside its jurisdiction, while the US Securities and Exchange Commission said that it was "not able to either confirm or deny the existence or non-existence of any investigative activity".

The FSA said SMC is on its list of unauthorised firms. It has had eight complaints about the company, the most recent being in February.

None of this is much comfort to Kalinski as he contemplates an uncertain financial future.

"I'm 59 and I'm living like a student again," he says, "constantly wondering where the next £10 is coming from. But I have to be philosophical. There's no point jumping off Waterloo bridge with concrete boots on. Maybe if others read this and don't get taken in, some good will come of it.

"But we do need more action by the authorities against fraudsters like SMC," he adds. "They're calculating, callous villains. I won't let them get away with this. I'll pursue them privately if I have to.

"In any case, I've got my health and I've got my friends and loved ones. And right now that's more important to me than any amount of money."

How to spot a boiler-room scam

• There's a "call centre" background buzz

• The seller is excessively friendly and asks for personal details

• The seller suggests your investments will not meet family expenses or pension expectations

• You are promised big gains and told you will be foolish to miss out

• Googling the name of a company produces no results

Check the FSA's list of unauthorised overseas firms operating in the UK at fsa.gov.uk.

If you – or anyone you know – has been a victim of SMC, let us know at money@guardian.co.uk