MORE than 50 people were arrested across Spain in a crackdown on boiler-room operations peddling phony investment opportunities.

The operation, carried out with cooperation from British and US authorities, was overseen by a national court judge and was part of an ongoing investigation.

The arrests took place in Barcelona, Madrid and Malaga.

The suspects are accused of embezzlement and money laundering in the course of selling non-existent financial instruments. The suspects are foreign nationals, and many of the defrauded investors are British or U.S. citizens.

Police are now searching the suspects’ homes as well as the offices of several Spanish law firms thought to have been involved in the scheme.


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