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Categories:Regulation

Two jailed for £7m boiler room scam

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Two men were today sentenced at Ipswich Crown Court for running an illegal share-pushing boiler room operation from call centres in Spain.

David Vidgeon and Rahul Patel were each sentenced to seven years imprisonment after their fraud operation persuaded around 1,250 UK investors to buy over £7m worth of shares.

The pair syphoned off around 80 per cent of the investors’ funds.

Three other defendants - Baldur Sigurdsson, Roland Pibworth and Craig John Clark - were acquitted.

Serious Fraud Office director Richard Alderman says: “A boiler room is a predatory and orchestrated ‘attack’ on private investors so it’s very satisfying to see justice delivered for such callous dishonesty. I hope that publicity of today’s outcome will serve as a warning for people to think twice when hard-sell investment offers, usually unsolicited, appear tempting. No is the right answer.”

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