A gang of investment fraudsters who conned 73 people out of £700,000 have been jailed for up to six years at Southwark Crown Court.
Between November 2009 and August 2010 the eight men assisted in the running of a boiler room which offered stock market shares at discounted prices and sought after shares that were not actually available to buy by the general public, according to City of London police.
The gang worked for a boiler room that used the names of genuine European companies to fool investors into buying shares that did not exist.
The victims were led to believe that these were legitimate firms based in the UK approved by the Financial Services Authority, the regulator at the time.
In reality they were making payments to fraudulent companies with the money being laundered through UK bank accounts that had been set up by the gang.
Detective Constable Abdun Noor said:"The boiler room could not have operated without this group of people willingly laundering innocent victims money.
"The boiler room went to great lengths to make their victims believe that these companies were genuine so they could sell more shares. It is possible there are further victims of this fraud who have not yet been identified."
Levi Coyle aged 33, and of no fixed abode received the highest sentence - six years - after being found guilty of money laundering and conspiracy to defraud.
Coyle would collect the money from the gang members and send it to unidentified persons who ran the boiler room.
His whereabouts are currently unknown after he breached his bail conditions, and City of London police are urging anyone with information about Coyle to call 020 7601 222.
Also sentenced for money laundering offences were:
Mark Norman, aged 43, of Gloucester Road, Colchester was sentenced to three years.
Michael Barrett, aged 25, of Berechurch Hall Road, Colchester, was sentenced to two years and eight months.
Ashley Chilvers, aged 27, of Hamilton Drive, Romford,, was sentenced to 18 months.
Simon Stephens, aged 37, no fixed abode, was sentenced to 12 months.
Carl Guy, aged 32, of Ranger Walk, Colchester, was sentenced to ten months suspended for two years and 120 hours of unpaid work.
Elizabeth Finn, aged 28, of Stortford Road, Little Hadham, Ware, received a 12 months sentence suspended for two years and 150 hours unpaid work.
Andrew Sutton, aged 33 of Elizabeth Road, Bishops Stortford, Herts, was sentenced to eight months suspended for two years and 150 hours of unpaid work.
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