Britain’s boiler-room scams

Police have swooped on a network of criminal gangs dedicated to fleecing investors. How big is the problem? Simon Wilson investigates.

What’s happened?

Police in Spain and Britain have busted an extensive network of organised criminal gangs who cold-call UK investors and trick them into buying worthless or nonexistent shares; 110 people, mostly British, were arrested on suspicion of money-laundering and fraud offences.

It’s the biggest crackdown to date on so-called boiler-room fraud and comes following a two-year investigation code named Operation Rico, jointly run by City of London police and Spain’s Policia National. The investigation culminated last [...]

MoneyWeek magazine

Latest issue:

Magazine cover
Paying by mobile

Why your phone will replace your wallet

The UK's best-selling financial magazine. Take a FREE trial today.
Claim 4 FREE Issues
Shale gas 'fracking' promises to transform Britain's energy market. Find out what it is, what it means, and how to invest.

Which investment platform?

When it comes to buying shares and funds, there are several investment platforms and brokers to choose from. They all offer various fee structures to suit individual investing habits.
Find out which one is best for you.