Criminal gangs who tricked British investors out of millions of pounds have been targeted in the biggest ever international crackdown on boiler room fraud. The operation has led to 110 arrests, mostly in the UK and Spain.
Share scams are often called boiler room scams because of the cramped conditions they usually work in. The fraudsters cold call investors offering them worthless, overpriced or even non-existent shares. High-pressure sales tactics and the promise of high returns are also used but investors often end up losing all their money.
The City of London police has confirmed there are 850 victims in the UK but said the true figure is likely to be in the “multi-thousands”. Many of the victims are retired and had lost their pension savings and have collectively lost around £15 million, with individual loses ranging from £2,000 to £500,000.
Steve Head, a commander at the City of London police, described the operation as a “landmark”. He said the investigation was significant because it targeted people believed to be at the top of an organised crime network that has carried out boiler room scams across Europe.
He added, “The arrests made across four countries highlight how law enforcement can work globally in the pursuit of suspected criminals who seek shelter in foreign lands so they can target innocent people with investment scams that wreak financial and emotional destruction.”
The government and numerous charities have previously warned that elderly or vulnerable investors are at risk of carbon credit scams. An Interpol report also found that carbon trading schemes can be manipulated by criminal gangs and fraud because a lack of understanding makes the market particularly vulnerable.
The film Boiler Room depicts a college drop-out joining a boiler room operation and coming to the realisation that he is defrauding his clients.
Like our Facebook Page
Can You Maximize Your Profits While Investing Ethically?
Environmental Benefits of Living in Miami. Why Is It Worth Moving There?
5 Ways To Shift To Green Energy At Home
Advantages of Free-Range Farming for Eco-Friendly Consumers
What is Eco-Friendly Investing and How Can You Embrace It?
Green Software Ideas to Implement with an Offshore Development Team
5 Things Eco-Conscious Consumers Should Know About Private Wells
The True Environmental and Social Costs of Mined Diamonds
20 Incredible Facts Eco-Tourists Should Know About Dubai
5 Massive Benefits of Turning to Renewable Energy
6 Tips For Getting the Most from a Solar-Powered Home
7 Excellent Ways to Live a Greener Lifestyle in 2021
How the Property Industry Is Embracing Eco-Friendliness Across the Board
Sustainability in Construction: Methods to Mitigate Environmental Impacts
New Company is Driving ESG Infrastructure Development in Mining
10 Tips to Turn Your Next Holiday into an Eco-Friendly Celebration
4 Benefits of Commuting with a Bicycle as an Eco-Friendly Consumer
Some Important Facts about Eco-Friendly Glass Railings
Impact Proof of Stake Ethereum Mining on Power Industry Sustainability
7 Business Survival Guidelines All Eco-Friendly Entrepreneurs Must Follow
- Features10 months ago
Eco-Friendly Hacks To Create A Durable Shop For Your Home
- Energy6 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features5 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Features10 months ago
5 Simple Ways To Create A Greener And Healthier Home