The FSA has issued a press notice stating that it is contacting more than 38,000 people across the UK to warn them that they could be the target of share fraud after it recovered a master list used by boiler room fraudsters.
Share fraudsters, commonly known as boiler rooms, usually contact people by telephone and use high pressure sales tactics to con investors into buying non-tradeable, overpriced or even non-existent shares. These fraudsters are unauthorised, normally overseas-based companies with fake UK addresses and phone lines routed abroad.
View FSA contacts 38,000 people to warn them they are targets of boiler room share fraudsters, 19 May 2010
View FSA letter to boiler room targets, 19 May 2010
