FSA and police find boiler room 'master list'

The Financial Services Authority (FSA) and City of London Police have uncovered a 'master list' of 10,000 UK names circulating among boiler room share fraudsters.

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FSA and police find boiler room 'master list'


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The watchdog says it has written to 6500 homes across the UK to warn people that they may be a target for fraudsters and directing them to a secure consumer helpline which they can call for more information.

Boiler room fraudsters usually contact people by telephone and use high pressure sales tactics to con investors into buying non-tradable, overpriced or even non-existent shares. Boiler rooms are unauthorised, overseas-based companies with bogus UK addresses and phone lines routed abroad.

Detective shief superintendent Steve Head, head of the City of London Police's Economic Crime Directorate, says: "Intelligence suggests that this list of people from across the UK is currently being shared amongst boiler rooms. I would urge those people who receive a letter from us in the next few days to contact the FSA and City of London Police on the 'Operation Warn' helpline. All the information the public gives us as a result of Operation Warnwill help in the fight against boiler room fraudsters."

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