FSA cold calls boiler room cheats

Boiler rooms use high-pressure selling techniques to persuade UK investors to purchase non-tradable, overpriced or even non-existent shares in companies that are usually based overseas, via unsolicited calls. In conjunction with City of London Police (CoLP), the FSA are cold calling the fraudsters themselves to tell them they could face criminal prosecution. The conmen are told "in no uncertain" terms that buying, selling and advising about share investments is a regulated activity requiring FSA authorisation, the FSA says. They are warned acting without authorisation is punisha...