Six guilty in £2.7m boiler room scams

Follows an FCA criminal law suit

Six people have been found guilty for their role in a series of boiler room scams, which led to losses of £2.7m for investors, according to the Financial Conduct Authority (FCA).

The FCA brought a criminal law suit against the six, three of which were found guilty on Friday (8 December), while the others pleaded guilty in earlier proceedings. All defendants are due to be sentenced at Southwark Crown Court at a later date when confiscation proceedings will also follow. The charges Defendant one was found guilty of one count of conspiracy to defraud, contrary to the common law, one count of fraud by abuse of position, under the 2006 Fraud Act, and one count of doing acts tending and intending to pervert the course of public justice. The defendant also pleaded...