In February of this year 110 individuals were arrested for money laundering and fraud offences as a result of an operation led by British and Spanish forces investigating boiler room fraud across Europe and the United States of America. Boiler Room Fraud, or investment fraud, is where shares are offered for companies that are either not in existence or not trading in a way which would result in the yield promised. There is frequently an international element to these types of fraud.
It is believed that the arrests result from a fraud said to be in the millions. The arrests come after a two year investigation into those at the top levels of organised crime. Multi force investigations into crimes of this nature are on the increase with a determination to stamp out such fraud.
There appears to be a surge of reported incidents of Investment fraud in recent years. Many believe that the escalation results from interest rates being so low. Consequently more and more people are turning to other ways of investing their savings rather than a bank account.
Arrests for boiler room fraud usually involve multiple individuals being accused; commonly charges involved include money laundering and conspiracy to defraud. As there are often international origins, extradition can also being a factor. The police and other investigating bodies will undoubtedly be seeking recovery of assets.
At Farleys we have a specialist team dealing exclusively with serious crime and fraud cases. Our fraud solicitors can provide advice and representation 24 hours a day, 7 days a week on all areas of serious crime. If you have been accused of involvement in crime in any capacity, it is vital that you speak to a Criminal Defence Solicitor at the earliest opportunity. Early advice is often crucial. For 24 hour advice via our emergency crime line, call 01254 606050.