FCA gets its guilty verdict against three charged with £2.7 million boiler room scam


forex fraud arrest

UK financial regulator the FCA has announced that in a criminal prosecution which it initiated, three defendants have today been found guilty for their roles in a series of boiler rooms which led to the loss of more than £2.7 million of investors’ funds.

A further three defendants had pleaded guilty earlier in the proceedings.

The defendants are due to be sentenced at Southwark Crown Court at a later date and confiscation proceedings will follow.

Due to reporting restrictions the defendants cannot yet be named. A reporting restriction, pursuant to Section 4(2) Contempt of Court Act 1981, is in place. The restriction prohibits the reporting of information capable of leading to the identification of two of the Defendants who face separate criminal trials in 2018. It is a contempt of court to breach the order. Further details of the investigation, including the identity of the Defendants will be released by the FCA once the reporting restriction is lifted.

Defendant 1 was found guilty of one count of conspiracy to defraud, contrary to the common law, one count of Fraud by abuse of position, contrary to s1 Fraud Act 2006 and one count of doing acts tending and intending to pervert the course of public justice, contrary to the common law. Defendant 1 also pleaded guilty to 4 counts of communicating an invitation to engage in investment activity, contrary to s21 Financial Services and Markets Act 2000 (FSMA).

Defendant 2 was found guilty of one count of conspiracy to defraud, contrary to the common law and three counts of communicating an invitation to engage in investment activity, contrary to s21 FSMA. Defendant 2 was acquitted of one count of communicating an invitation to engage in investment activity, contrary to s21 FSMA.

Defendant 3 was found guilty of entering into or becoming concerned in a money laundering arrangement contrary to s328(1) of the Proceeds of Crime Act 2002 and one count of doing acts tending and intending to pervert the course of public justice, contrary to the common law.

Defendant 4 pleaded guilty to one count of conspiracy to defraud, contrary to the common law.

Defendant 5 pleaded guilty to one count of conspiracy to defraud, contrary to the common law.

Defendant 6 pleaded guilty to one count of Fraud by false representation, contrary to Section 1 of the Fraud Act 2006 and one count of communicating an invitation to engage in investment activity, contrary to s21 FSMA.

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FCA gets its guilty verdict against three charged with £2.7 million boiler room scam

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