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Six found guilty in £2.7m ‘boiler room scam’

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Six found guilty in £2.7m ‘boiler room scam’

Six individuals have been found guilty over a ‘£2.7 million boiler room scam’ following a criminal prosecution brought by the Financial Conduct Authority (FCA).

In a statement issued last night the FCA said three people have been found guilty over their role in a boiler room investment scheme which resulted in a £2.7 million loss for investors.

Another three individuals have already pleaded guilty and will be sentenced at an upcoming date at Southwark Crown Court.

The identity of the defendants cannot be revealed because of reporting restrictions, the FCA said. These details, which include information about the investigation, will be released at a later date.

One defendant was found guilty of charges including conspiracy to defraud, fraud by abuse of position and intending to pervert the course of justice.

Defendant two was guilty of conspiracy to defraud and three counts of communicating an invitation to engage in investment activity.

The other defendants were found guilty of charges including money laundering and conspiracy to defraud.

The FCA prosecution follows another successful court battle by the regulator earlier this month where four individuals were found guilty over a cold calling investment scheme which lost investors £1.4 million.

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