Massive boiler room scam

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Massive boiler room scam

Fraudsters who conducted one of the largest boiler room fraud schemes ever pursued by a UK authority have been ordered to pay their victims £11m ($15.8m, €13.9m) in compensation, the UK’s Serious Fraud Office (SFO) has revealed.

When the investors came to sell the shares after the expiry of this period, they often found that they were unable to do so as they were worthless, and that the shares were in shell companies or companies that were not operating at all.

Between 2003 and 2007, the scheme pocketed £70m from UK investors. The pair were convicted of the scam in June 2014, with Revell-Reade, considered the mastermind behind the fraud, receiving a prison sentence of nine-and-a-half years after being extradited from Australia in 2012. Anthony May was sentenced to seven years and four months in prison.

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