The seven arrests comprise six males and one female, and span across Surrey, West Sussex, London and Hertfordshire.
The investigation, which is being conducted with assistance from Eurojust, Europol, the anti-money laundering unit of the Malta Police, and several European law enforcement agencies, focuses on share fraud and boiler room activity in the UK and Europe.
So far share fraud and boiler room activity in the UK and Europe has taken approximately £28m of victims’ funds.
As part of the operation the FSA has been working in close cooperation with the City of London Police Economic Crime Directorate and with assistance from Hertfordshire Constabulary Fraud Squad and the Crown Prosecution Service Fraud Prosecution Service.
The FSA is now urging consumers to hang up on any unsolicited cold calls from parties attempting to sell shares. For more information about share scams, including boiler rooms tips on how consumers can protect themselves and warning lists of firms the FSA know operate in this way see the Moneymadeclear website.