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View the article online at http://citywire.co.uk/wealth-manager/article/a728247

Boiler room trio arrested in FCA investigation

by Elsa Buchanan on Jan 15, 2014 at 12:07

Boiler room trio arrested in FCA investigation

Three people have been arrested as part of a boiler room investigation led Financial Conduct Authority (FCA).

The individuals, two men aged 32 and 41 and one woman aged 32, were arrested by City of London Police on Tuesday morning after it executed search warrants at six addresses in Kent, Essex, and Bedfordshire.

The arrests are not linked to any other ongoing investigation, according to the FCA.

No further details can be confirmed at this time and no individuals have been charged.

This follows a move by the FCA to shut down a suspected boiler room associated with firm First Capital Wealth by freezing the firm's assets in November.

In October last year, eight investment fraudsters who tricked 73 people out of £700,000 were jailed for up to six years at Southwark Crown Court in October, while three British men who conned investors out of £80 million were jailed for a combined 43 years, after sentencing at a Florida court in July.

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