The FSA has charged a former stockbroker with offences including conspiring to defraud investors and money laundering.
Former stockbroker David Roger Griffiths Mason, of Southend-on-Sea, Essex, has been charged with five offences including making misleading statements to investors, conspiracy to defraud and money laundering.
He has been bailed to attend City of London Magistrates' Court on 24 June.
The offences relate to the suspected sale of shares to UK consumers by boiler rooms between November 2008 and June 2009.
Up to 3,500 people each year contact the regulator saying they suspect they are being targeted by boiler rooms, and the FSA estimates the cost of this type of fraud in the UK to be £200m annually.
Around 1,000 a year are victims of boiler rooms, according to the regulator, and they lose about £20k each, producing a loss of £20m that the FSA hears about, though it estimates only 10% of victims report the crime.
In February, the FSA issued a warning following the dramatic increase in overseas fraudsters selling shares using the names, registration numbers and addresses of FSA authorised firms and individuals.
The FSA says it has noticed a significant rise in this type of "boiler room" fraud, with crooks imitating authorised firms to try and convince consumers of their legitimacy, before using high pressure sales tactics to persuade people to buy often worthless shares.
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