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Categories:Regulation

FSA swoops on firms in boiler room fraud probe

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The FSA has taken action against two individuals and seven businesses suspected of being involved in boiler room share fraud activity.

In conjunction with the City of London Police, the FSA executed search warrants on three premises in London and South-end and one individual was arrested. The FSA has served injunctions, freezing assets worth up to £350,000, and rest-rained unauthorised activities of the businesses and individuals involved.

The investigation centres on two individuals who are suspected of profiting directly from the activities of a number of suspected overseas boiler rooms.

No one has been charged at this stage in connection with the FSA’s investigation, which it says is ongoing.

The action follows a crack-down on boiler rooms, which the FSA says use high-pressure sales tactics, are often based overseas and target investors illegally, offering them non-tradable, overpriced or even non-existent shares.

 

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