First FSA criminal investigation ends in arrests

The arrests were made in connection with an investigation into Universal Management Services (UMS), and follow searches of several addresses in North Yorkshire, Hampshire and County Durham. No one has been charged. Boiler rooms illegally promote and sell overpriced shares in the UK. The shares also carry restrictions on onward sale and have little or no realisable value. The boiler rooms then often vanish, leaving the investor out of pocket. They mainly have their bases outside the UK so the FSA cannot usually take direct action to shut them down. The investigation into UMS followe...