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Pair guilty of £1m boiler room fraud

Published on 14 Dec 2009 under category: legal

Two men have been found guilty of a £1 million boiler room fraud.

Daniel Healy and Martyn Jagger used a cold calling scam to make their money.

One victim, 83-year-old David Mitchell, was defrauded out of almost £200,000 by the pair.

The pensioner said in a victim impact statement: "I am 83, as is my wife, and we have lost the cushion which we may have required for old age.

"I feel that I have been taken advantage of because of being ill last year and my age and not having the energy to argue."

Mr Mitchell reported the scam to authorities around 18 months ago, sparking an investigation into Healy and Jagger.

The men were found to have convinced investors to purchase shares which were either worthless or overpriced.

Sentencing for the pair will take place at Woolwich Crown Court on January 8th.

Boiler room frauds involve bogus stockbrokers offering worthless or non-existent shares to potential investors.

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