Archive for the ‘Boiler Rooms’ Category

Operation Tele-Phoney

Wednesday, May 21st, 2008

In my years at the Securities and Exchange Commission I came across cases that hugged the line between securities fraud (over which the SEC has jurisdiction) and consumer fraud (over which the Federal Trade Commission has jurisdiction).  The question turns on whether the fraud involves a security - a question not as easy to answer sometimes as you might think.  (more…)

US Pair Accused of Scamming Elderly UK Residents Out of $70 Million

Monday, March 17th, 2008

Paul Robert Gunter, 58, and his daughter, Zibiah Joy Gunter, 25, have been charged with duping thousands of mainly elderly UK victims into investing more than $70 million in bogus corporations.  According to the complaint, the Gunter’s high jacked dormant shell companies, created a compelling story about each, and sold worthless stock in the companies through high pressure sales tactics to 15,000 elderly residents of the United Kingdom.  (more…)

UK’s FSA Secures Return for Defrauded Investors

Friday, March 7th, 2008

When investors in the UK lost money to a boiler room in Canada, the UK Financial Services Authority (FSA) worked with Canadian officials to freeze funds and return just north of £1 million to 153 residents of the UK.  The UK Press Association reports: (more…)

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