Six guilty in £2.7m boiler room scams

Follows an FCA criminal law suit

clock • 2 min read

Six people have been found guilty for their roles in a series of boiler room scams, which led to losses of £2.7m for investors, according to the Financial Conduct Authority (FCA).

The FCA brought a criminal law suit against the six, three of which were found guilty on Friday (8 December), with the others having pleaded guilty in earlier proceedings. All defendants are due to be sentenced at Southwark Crown Court at a later date when confiscation proceedings will also follow. The charges Defendant one was found guilty of one count of conspiracy to defraud, contrary to the common law, one count of fraud by abuse of position, under the 2006 Fraud Act, and one count of doing acts tending and intending to pervert the course of public justice. The defendant also p...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Moving beyond FG12/16: The evolution of investment propositions

Moving beyond FG12/16: The evolution of investment propositions

'The modern adviser requires a holistic approach'

Karl Dines
clock 21 November 2024 • 4 min read
FCA's Nikhil Rathi registers interest for top civil service job - reports

FCA's Nikhil Rathi registers interest for top civil service job - reports

FCA CEO term to end next year

Linus Uhlig
clock 19 November 2024 • 1 min read
A practical guide to getting ongoing reviews in order

A practical guide to getting ongoing reviews in order

Have you considered file checks on annual review cases?

Jennifer Peaty
clock 19 November 2024 • 6 min read