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One victim lost more than £1m to the pair who showed "callous disregard" for their victims, according to US prosecutors.

Named as Paul Gunter, 58, and daughter Zibiah, 25, the pair will appear in a Florida court after being arrested yesterday on charges of fraud and money laundering.

The two are accused of stealing details of dormant, publicly-listed companies and randomly phoning elderly potential investors across the UK. Authorities believe that they are just part of a wider fraud ring.

American and London police, who worked together on the investigation, believe that the Gunters used 54 companies and contacted the pensioners, urging them to buy shares in the groups using high-pressure sales techniques.

Pensioners who decided to invest in the companies, were told to wire transfer funds across the Atlantic to Florida bank accounts, it is believed.

If found guilty, they could face up to 25 years in prison and a large fine.

Investigators allege the pair sold fake shares in 50 dormant firms since 2005 in what is known as a boiler room fraud scam.