Seven arrested in £28m fraud inquiry
Seven people were arrested in the south of England in connection with a £28m share fraud investigation, the City watchdog said.
Financial investigators and police swooped on a number of properties in Surrey, West Sussex, London and Hertfordshire, the Financial Services Authority (FSA) said on its website yesterday.
Officials from several European law enforcement agencies, including the anti-money laundering unit of the Malta Police, were part of the so-called boiler room investigation which covered Britain and Europe.
Boiler room scams involve fake stockbrokers cold-calling victims and persuading them to buy shares in worthless, non-existent or near bankrupt companies.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.