Victims of a £1m boiler room scam are to be paid back a fraction of their losses after the Financial Services Authority (FSA) secured a court order against the fraudsters behind it.
Sinaloa Gold and one of its directors, Glen Lawrence Hoover, a US resident, offered shares to the public through boiler room fraudsters, and were yesterday ordered by the High Court to pay back £1,097,092.11 to 79 victims. However, only £127,000 is currently available to be repatriated. Tracey McDermott, acting director of enforcement and financial crime at the FSA, said: "The diligent work of our dedicated team tackling unauthorised businesses means that, in this case, victims will receive back some proportion of their losses. "It should however serve as yet another reminder that...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
