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.

Five arrested in 'Wolfs of Liverpool Street' boiler room racket

Five arrested in 'Wolfs of Liverpool Street' boiler room racket

Police have arrested five men in relation to a boiler room operation run by the self-proclaimed (and misspelt) 'Wolfs of Liverpool Street'.

The group set themselves up in offices around the Square Mile, from where they are believed to have cold-called people across the country, with a particular focus on vulnerable victims, selling overvalued commodities and misrepresenting their future potential.

The five were arrested on suspicion of conspiracy to commit fraud by false representation and money laundering. They were held at a City of London Police station for interview as the investigation continues.

Action Fraud reports reveal that a number of investors may already have lost tens of thousands of pounds through the racket.

The arrests were part of the City of London Police's 'Operation Broadway' crackdown on boiler room fraud.

Detective chief inspector David Manley said in a statement: 'In recent months we are finding evidence of boiler rooms creeping back into the City. This could be partly a result of the success we’ve had in shutting down these types of operations overseas and partly down to the fact that having a fancy office in the Square Mile makes it easier for the gangs to recruit.

'Whatever the reason the City of London Police will not tolerate their existence and is committed to acting quickly to limit the harm they can cause to investors, especially the elderly and vulnerable, living across the UK.'

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 Kames' Ennett: Trump good for US high yield, but beware Europe

Kames' Ennett: Trump good for US high yield, but beware Europe

Kames Capital’s head of high yield David Ennett believes the changing political landscape will be a positive for the US, but negative for Europe in 2017.

Play Philip Milburn: why inflation won't run out of control

Philip Milburn: why inflation won't run out of control

Kames bond fund manager views inflation as more of 'scare' than a 'problem' and is positioning his portfolios accordingly.

Play Henderson's Lofthouse on merger boost and political risk

Henderson's Lofthouse on merger boost and political risk

Ben Lofthouse talks through where he is finding income and what surprises await the global economy in the new year.

Read More
Your Business: Cover Star Club

Profile: 'a lot of the hard work is done' says Charles Stanley

Profile: 'a lot of the hard work is done' says Charles Stanley

We’ve turned a corner, and there is positive momentum behind Charles Stanley says Charles Stanley's private client head

Wealth Manager on Twitter