Victims of a boiler room scam are set to share £64,000 in redress after the Financial Services Authority (FSA) obtained a court order against a firm involved in the fraud.
At a case heard in the High Court in London, Mr Justice Peter Smith ruled that Monobank was complicit in offshore boiler rooms cold calling UK consumers and offering them shares in the firm. Monobank, a UK incorporated firm, provided promotional literature stating that it was in the final stages of setting up a prepaid credit card service in the UK and Europe and had entered into commercial agreements to that effect. However, the FSA found no evidence to suggest that any of this was true. Despite this, Monobank still managed to obtain a quotation on the Frankfurt Stock Exchange's Firs...
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