Five sentenced for cold-calling 'boiler room' gold scam

Helped launder more than £1.2m

Victoria McKeever
clock • 1 min read

Five men have been sentenced, after helping to launder more than £1.2m stolen by cold-callers in a 'boiler room' gold scam.

The scammers were handed sentences ranging from two-and-a-half years in prison to a year's community service. Following an investigation by BBC Radio 4's consumer affairs programme, ‘You and Yours', City of London Police started to look into the scammers, who posed as a company offering investments in gold. The men opened bank accounts to launder money from the scammed victims. Going by the company name Demmore Ltd, victims were cold-called and offered "huge profits" through leasing gold to corporate clients. Police suspected the boiler rooms had targeted around 180 victims, many elde...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Retirement

Defensive income before retirement: A four layered framework

Defensive income before retirement: A four layered framework

Entering decumulation can be an unsettling time for clients

Joe Simpson
clock 10 August 2026 • 4 min read
The FCA's decumulation challenge: Can UK REITs help deliver sustainable retirement income?

The FCA's decumulation challenge: Can UK REITs help deliver sustainable retirement income?

A look at the three Ss of retirement income

James Peel
clock 04 August 2026 • 7 min read
What the decumulation shift means for advice firms, and how the best are responding

What the decumulation shift means for advice firms, and how the best are responding

'Technology is part of this picture in ways that are worth being honest about'

Andy Zanelli
clock 14 July 2026 • 4 min read