A UK collaborator in a £1.5m Spain-based boiler room operation has been jailed for 33 months.
Robert Scott, from Newmarket, creamed off payments made by approximately 600 UK investors for the worthless shares, the Serious Fraud Office (SFO) says.
High pressure sales techniques were used to convince investors to buy shares in GlobalCom Trading Limited, a computer based virtual marketplace, and Alternative Diesel Investments Limited, a bio diesel company, neither of which were trading or generated revenue.
Scott, who is also now banned from acting as a company director for 12 years, would receive payments from investors and issue them with share certificates, in a scam which spanned from April 2003 to March 2007.
He would then transfer 90% of the payments to the boiler room operation whilst he retained 10%, funds he used in part for his own benefit.
Complaints were initially made to the Norfolk and Suffolk police who alerted the SFO in early 2005.
In July 2008, Scott was charged in connection with this fraud and in November 2009 he pleaded guilty to two counts of fraudulent trading.
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