International police co-operation has been involved in the take down of a massive boiler room scam. Over 100 people in one of the largest, bogus share fraud operations ever mounted have been arrested in simultaneous raids in Spain, the UK, Serbia and the US. The perpetrators were allegedly involved in selling worthless or non-existent stock to investors.
LBC reported that “Around 1,000 victims in Spain and the UK had a total of £15million extracted in boiler room fraud, where they are encouraged to buy non-existent shares.
“One victim took their own life after discovering they had been defrauded.
“Another, 78-year-old Joan Mayer from Hampshire, lost a six-figure sum over two and a half years. She was conned into ploughing thousands of pounds into bogus investments in carbon credits, rare earth metals and gold.
“Police say these 110 arrests, made in Spain, the USA and Serbia as well as the UK, is just the tip of the iceberg.”
City of London Police Commander Steve Head, said: “What we’ve seen today is the culmination of a two year investigation that has been worldwide in its nature. What we’ve seen is an unprecedented level of co-operation.
“We expect this network alone to have upwards of 1,000 victims. We’ve seen millions of pounds taken from people.
“You see real victims in real communities whose lives have been devastated. Savings that they thought they could rely on in their old age have gone in a heartbeat.”