Three jailed for £27.5m boiler room scam

The sentencing of ringleader Tomas Wilmot for nine years and sons Kevin and Christopher for five years apiece at Southwark Crown Court follows a long-running investigation by the Financial Services Authority (FSA), City of London Police (CoLP) and Eurojust. Sentencing was passed following the individuals' convictions on four offences of conspiracy to defraud which resulted in £14m of losses. The father and son team operated a syndicate of 16 boiler rooms which defrauded an estimated 1,700 investors of £27.5m in total. Many of the victims were elderly and, in some cases, suffering from...