View more on these topics

Two jailed for £7m boiler room scam

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.”



Aegon launches new guaranteed at-retirement product

Aegon has launched a secure income option on its investment control bond, which gives a guaranteed income of 5 per cent of the original investment over 20 years. Each year on the bond anniversary, if the value of the bond grows to more than the original investment, the growth is locked in and returned to […]

Government to create simple products

The Government will develop a new range of “simple products”, with the first consultation paper due to be published by the end of this year. Speaking at the first Consumer Financial Education Body conference in Cambridge last week, Treasury financial secretary Mark Hoban said the products will be developed in conjunction with consumer groups and […]

Rathbone rates risk over place

The multi-asset team at Rathbone Unit Trust Management is differentiating its funds from the competition by basing asset allocation on risk rather than geography. It is also avoiding portfolio optimiser asset allocation tools and not blending funds to diversify within asset classes. The firm recently launched its strategic growth and total return portfolio funds of […]


Wiltshire Friendly offers top-up facility for group IP

Wiltshire Friendly Society has developed a group income protection product which allows employees to either top up or extend the level of benefit provided by the group plan. Companies can choose to put in place a standard group IP plan which covers 75% of gross income to age 70, but can also opt to provide […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment