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Hallo, how are you and I'd like to send you to jail

20 December 2010
Written by rosalind renshaw

The FSA and anti-fraud police have turned the tables on suspected boiler room outfits who cold-call British consumers from overseas – by cold-calling them.

The FSA, together with the City of London Police, does not have a particularly charming chat-up line, though.

They tell the unauthorised share promoters in no uncertain times that they face criminal prosecution and two years in prison.

The FSA has released the names of four of the firms it contacted. They are Redbridge Associates, Hoffman & Stanley, Wilkins Fairbrother and Marcus Jones.

Boiler room gangs are thought to defraud UK investors of an estimated £200m a year.
 
Using high-pressure sales techniques, they sell investors non-tradable, overpriced or non-existent shares.

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