Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

Boiler room trio arrested in FCA investigation

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Biotech Growth: we will ride out this storm

Biotech Growth: we will ride out this storm

Geoffrey Hsu of Biotech Growth Trust says the sell-off in biotechnology stocks represents a buying opportunity for long-term investors.

Play Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

Sector Spotlight: Kleinwort Benson's Choukeir on UK equities

In our first Sector Spotlight of the year we explore UK equities on the back of the extreme market turbulence in 2016.

Play Picton: the UK property hotspots for rental income

Picton: the UK property hotspots for rental income

Picton Property Income CEO Michael Morris reveals how he is planning to ride the ‘ripple effect’ as UK economic growth spills out from the capital across the country.

Your Business: Cover Star Club

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

Profile: PortfolioMetrix is on a mission to kill 'Frankenstein' systems

In a buyers’ market for off-the-peg discretionary management, self-funded start-ups begin at an inherent disadvantage

Wealth Manager on Twitter