Share fraud

Two US fraudsters Paul Gunter and his daughter Zibiah have been arrested in Florida and are accused of selling worthless shares for £34m to around 15,000 UK 'investors'. Most of these people were elderly and could not afford to lose their life savings. The fraudsters apparently conned their victims using a boiler room fraud.

A boiler room fraud involves a fraudster phoning the potential victim and trying to sell them shares in a company. These rogues tend to use hard-selling tactics to persuade people to buy shares. As most boiler rooms are based overseas you may have no rights to complain or claim compensation.