5 Mar, 2010 @ 20:01
1 min read

Burst boiler room

A BOILER room investigation has charged seven people with fraud over an alleged 100 million euro scam based in Spain.

The group – comprising of five men and two women – are accused of conspiring to defraud UK investors from their Spanish location.

Daniel Gooding , also know as Tresadern, Shaun Rumsey, Jon Emery, Philip Morris, Ian Hughes, Emma Farmer and Michelle Coleman are all due to appear at City of London Magistrates’ Court on 19 March 2010.

“I am very pleased we have charged another group of people for operating a boiler room scam.”

Serious Fraud Office (SFO) Director, Richard Alderman, said: “I am very pleased we have charged another group of people for operating a boiler room scam.”

An investigation launched in 2007 by the Serious Fraud Office (SFO) looked into the supposed brokerage companies that were set up in Spain between 2004 and 2007.

The shares sold to unsuspecting Britons in these companies were allegedly worthless.

The groups known as Tresadern & Partners SL, Pricestone Group SL and Anderson McCormack SL sold the shares to British investors.

However, none of the companies obtained authorisation from the FSA or its Spanish equivalent, the Comision Nacional del Mercado de Valores.

Both regulatory authorities have now posted warnings in relation to each of the companies.

Alderman added: “It is important that people never underestimate the lengths fraudsters will go to appear convincing.

“I would always urge people to do their research before they make any investment.”

Jon Clarke (Publisher & Editor)

Jon Clarke is a Londoner who worked at the Daily Mail and Mail on Sunday as an investigative journalist before moving permanently to Spain in 2003 where he helped set up the Olive Press. He is the author of three books; Costa Killer, Dining Secrets of Andalucia and My Search for Madeleine.

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1 Comment

  1. The problem is not the boiler rooms, its all fine and well to arrest these people and hold them accountable, but has anyone ever asked what it is that makes someone so greedy that they would actually believe someone on the other end of a telephone conversation that promises them untold wealth? I dont care who it is that calls me, a sales call is a sales call and I object to all of them, whether you are calling from BT, British Energy, Colt or Londons Double Glazing Service, the first questions I always ask is “How did you get my number, why are you calling me, and how do you know that I would make a perfect client for you”. When I am not happy with the answers I get from them the first reply they can expect from me is “Sorry, I have no money!”. There is an old saying which goes, “A fool and his money will easily part!”. You cannot blame someone for someone elses stupidty. And to say that its all elderly people who are being picked on isnt truth either, I have read many reports of so called boiler room victims and they all seem to be in their mid forties, and professionals. Greedy people who want to make more and more ££££ and all of a sudden it backfires on them. In my opinion, show me a “boiler room” which uses a gun during its operation and by all means, hold them accountable, send them to prison and punnish them. But show me a “fool” who just threw his life savings away because he thought he could take a short cut in life rather than doing what most other people do and thats to “work hard”, then slap that fool on the wrist and say; “shame on you!”. Im sorry if my opinions sound too harsh, but you cannot act like a sheep and then complain about the wolves surrounding you. If the sheep see a wolf they should do the sensible thing, and thats to run away. Not to hang out with them, pretend to be their buddy and then complain that they are being attacked later on. Amen !

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