The Serious Fraud Office has today raided five addresses across south east England as part of an investigation into an alleged £65m boiler room scam.
The raids – involving 40 investigators and officers from the Metropolitan, Kent and Essex police forces – are part of an SFO fraud investigation into the marketing of shares from Spain to investors in the UK between 2003 and 2008.
In a boiler room scam offices are set up to sell fake or worthless shares to investors.
Six people were charged in March with conspiracy to defraud investors as part of the investigation and are facing trial next year, the SFO says.
It says today’s raids – led by its proceeds of crime unit – were designed to ascertain the benefit of the alleged crime and assets held by the defendants.
SFO investigator Dick Gould says: “We are determined to identify and recover assets from those we convict. Anyone contemplating fraud for a living should realise they face the prospect of prison and confiscation”.
The SFO adds the companies that marketed shares to UK investors are Tresaderns & Partners SL, Price Stone Group SL and Anderson McCormack SL.