Three jailed over £80m boiler room scam

Jenna Towler
clock

Three British men who ran an international organised crime gang that conned UK investors out of £80m have been jailed for a total of 43 years by a US judge.

City of London police said the sentencing of Richard Pope, Paul Gunter and Simon Odoni was a "major milestone" in a seven year trans-Atlantic operation. The investigation discovered at least 2,300 people - mostly retired professionals - lost money to the boiler room fraud. Individual losses ranged from a few hundred pounds to £1m.  City police said many victims had lost all their life savings. One man committed suicide after losing more than £200,000, including £70,000 to this gang. His widow Andrea Goswami, from Yorkshire this year travelled to Florida to give evidence against t...

To continue reading this article...

Join Investment Week for free

  • Unlimited access to real-time news, analysis and opinion from the investment industry, including the Sustainable Hub covering fund news from the ESG space
  • Get ahead of regulatory and technological changes affecting fund management
  • Important and breaking news stories selected by the editors delivered straight to your inbox each day
  • Weekly members-only newsletter with exclusive opinion pieces from leading industry experts
  • Be the first to hear about our extensive events schedule and awards programmes

Join now

 

Already an Investment Week
member?

Login

More on Wealth managers

The existential threat at the heart of Britain's biggest wealth manager

The existential threat at the heart of Britain's biggest wealth manager

Fees made St James's Place rich but now risk toppling the firm

Chris Newlands
clock 15 May 2024 • 10 min read
St James's Place results lay bare cost and charging challenges against market tumult

St James's Place results lay bare cost and charging challenges against market tumult

'Structural opportunity' for advice industry

Hope Coumbe
clock 28 February 2024 • 3 min read
SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

SJP CIO Onuekwusi: Retail investors lack appropriate structure to access private markets

Open-ended structures 'have to work'

Valeria Martinez
clock 01 December 2023 • 2 min read
Trustpilot