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FCA charges sixth person in alleged ‘boiler room’ fraud

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The FCA has charged a sixth person in relation to an investigation into a suspected “boiler room” fraud.

Five individuals: Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker, and Jeannine Lewis appeared before Southwark Crown Court in June charged with conspiracy to defraud for their role in the promotion and sale of shares through four alleged boiler room companies, all of which traded from the Docklands in London.

Another individual, Charanjit Sandhu has now also been charged with conspiracy to defraud and offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006.

UK authorities have taken a variety of actions recently action suspected boiler room scams, which normally involve cold-calls to pressure consumers to buy either worthless or non-existent shares on the promise of high returns.

Two convicted fraudsters were ordered to pay £11m compensation in March after getting British investors to buy £70m of worthless shares in a boiler room scam run from Madrid.

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  1. […] [UK] FCA charges sixth person in alleged ‘boiler room’ fraud By Katie Marriner, Money Marketing, 18 November 2016 The FCA has charged a sixth person in relation to an investigation into a suspected “boiler room” fraud. Five individuals: Michael Nascimento, Hugh Edwards, Stuart Rea, Ryan Parker, and Jeannine Lewis appeared before Southwark Crown Court in June charged with conspiracy to defraud for their role in the promotion and sale of shares through four alleged boiler room companies, all of which traded from the Docklands in London. Another individual, Charanjit Sandhu has now also been charged with conspiracy to defraud and offences under the Financial Services and Markets Act 2000 and the Fraud Act 2006. […]

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