3 arrested in regulator boiler room probe

The City watchdog the Financial Conduct Authority (FCA) has said this morning that three people have been arrested in connection with its investigation into boiler room activity.

The City of London Police implemented search warrants at six addresses in Kent, Essex, and Bedfordshire yesterday morning.

The individuals were two men aged 32 and 41, and one woman aged 32.

Those involved in boiler room operations use high-pressure selling techniques to push people into buying shares worth little or nothing.

From the FCA's statement:

Carrying out unauthorised business is an offence punishable by terms of up to two years imprisonment or a fine or both, and money laundering is punishable by up to seven years imprisonment or a fine or both.

The arrests are not linked to any other ongoing investigation.

No further details can be confirmed at this time and no individuals have been charged.