Five properties raided in £65m 'boiler room' fraud

The Serious Fraud Office (SFO) has swooped on five properties in the south east, conducting raids linked to a £65 million 'boiler room' fraud.

In the first action of its kind, the SFO’s proceeds of crime unit used warrants not in tandem with an evidential search, and trawled the sites for information related to an underlying case involving six defendants facing trial for conspiracy to defraud investors.

Supported by Metropolitan Police and officers from Kent and Essex, a total of 40 investigators descended on the premises spread across England’s south east.

The SFO said the criminal allegations linked to the raids involve an investigation into the marketing of shares from Spain to investors in the UK - what is commonly known as ‘boiler room’ fraud.

The companies reportedly marketing the shares were Tresaderns & Partners SL, Price Stone Group SL and Anderson McCormack SL between 2003 and 2007.

It is estimated investors lost in excess of $100 million (around £64.9 million).