Boiler room probe sees 21-year-old arrested

 
Harriet Green
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The Financial Conduct Authority (FCA) has said this morning that a 21-year-old individual has been arrested and interviewed in connection with an investigation into boiler room activity.

The FCA’s working with the assistance of the National Crime agency and Kent police, who executed search warrants in London and Kent yesterday morning.

The arrest was made in connection with an investigation into boiler room activity. No other details are available at this time.

Last month, 110 people, including 20 in the UK, were arrested as part of a landmark international police crackdown on boiler room fraud called Operation Rico.

Boiler room fraud is so-called because of the cramped, often underground, conditions, from which fraudsters work. They dupe investors and past investors into buying non-existent or valueless shares.

The offence of carrying out unauthorised business can lead to up to two years imprisonment or a fine, or both.