Watchdog charges corporate fraud stockbroker

Published on 9 Jun 2010 under category: legal

A former stockbroker has been charged by the financial services watchdog for corporate fraud-related offences. The Financial Services Authority (FSA) claimed that David Roger Griffiths Mason was involved in selling boiler room shares to consumers. Mr Mason was accused of conspiring to defraud, laundering money and an additional three other violations.

Boiler room fraud is thought by the FSA to be on the increase who recently contacted over 3,000 people in the UK whose names were found on a master list circulated by the firms. These firms use high-pressure tactics to persuade people to invest in near worthless shares. Consumers will often be threatened or blackmailed if they ask for their money back. According to the watchdog, only one in ten victims report the crime despite its calculations that the average boiler room fraud victim loses around £20,000.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.