View more on these topics

Six guilty in £2.7m boiler room scam

FCA logo glass 620x430Six people have been found guilty for their role in a series of boiler room scams, which led to loss of more than £2.7m of investors’ funds.

In a criminal investigation brought by the FCA, three defendants were yesterday found guilty and three defendants pleaded guilty earlier in the proceedings.

The defendants will be sentenced at Southwark Crown Court at a later date followed by confiscation proceedings.

The regulator says reporting restrictions mean the defendants cannot currently be named.

Defendant one was found guilty of one count of conspiracy to defraud, contrary to common law, one count of fraud by abuse of position, contrary to the 2006 Fraud Act, and one count of doing acts tending and intending to pervert the course of justice, contrary to common law.

This defendant also pleaded guilty to four counts of communicating an invitation to engage in investment activity, contrary to the 2000 Financial Services and Markets Act.

Defendant two was found guilty of one count of conspiracy to defraud and three counts of communicating an invitation to engage in investment activity. This defendant was acquitted of one count of communicating an invitation to engage in investment activity.

Defendant three was found guilty of entering into or becoming concerned in a money laundering arrangement, contrary to the 2002 Proceeds of Crime Act, and one count of doing acts tending and intending to pervert the course of public justice.

Defendants four and five pleaded guilty to one count of conspiracy to defraud.

Defendant six pleaded guilty to one count of fraud by false representation, contrary to the 2006 Fraud Act, and one count of communicating an invitation to engage in investment activity.

Recommended

Construction Building 480
2

Three firms stop DB transfer advice after FCA British Steel probe

Three advice firms have stopped giving pension transfer advice following work by the FCA over the future of the British Steel Pension Scheme. A statement this afternoon details the FCA’s “information gathering exercise” to identify the firms that have been most active in advising people to transfer out of the scheme. The regulator got information from […]

2

FCA fines increase tenfold in 2017

The total amount in fines handed out by the FCA has increased 10 times in the past year, soaring from £22.2m in 2016 to £229.4m in 2017. The FCA fined eight individuals an aggregate £436,000 and £229m was levied against companies, according to law firm Clyde & Co. Even though fewer fines have been levied […]

FCA building FCA fees
7

FCA: FOS does not need more rules about interpreting regulation

The FCA has said that the Financial Ombudsman Service does not need more guidance on how it should match the regulator’s rules with the complaints adjudicator’s judgments. While the FCA regulates firms according to its handbook, FOS decides on complaints based on a ‘fair and reasonable’ test, that is, whether the claim would be successful […]

Lakey-Alan-2014-MM-700.jpg
2

Alan Lakey: Catch-22 on commercial decisions

I am a great fan of commercial judgement.  After all most readers would not still be in business if they or their employers hadn’t made sound commercial determinations at some point. Of course, not all commercial judgements are sensible or even well thought through and the end result can be detrimental to one or more parties.  […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Why no names?

Leave a comment