Three arrested as part of FCA boiler room probe

In a recent statement, the FCA stated that it executed search warrants at addresses in Kent, Essex and Bedfordshire with the help of the City of London Police.

The individuals, who had not been charged at the time of going to press, include two men aged 32 and 41 and one woman aged 32. A spokesman for the FCA stressed that the arrests were not linked to other ongoing investigations into boiler-room fraud and that it could not confirm any further details.

Boiler rooms involve the hard-sell of worthless or low-value shares to unsuspecting customers, with unauthorised businesses often cold-calling customers and making false promises about the investments’ potential.