FSA has obtained the first conviction for boiler room fraud. David Mason has been sentenced to two years' imprisonment after admitting 13 counts of carrying on a regulated activity without authorisation, one of making misleading statements, and three of money laundering. Mr Mason has also been disqualified for being a director for six years. FSA has also fined David Sinclair £68,000 and banned him from holding any significant influence functions for unwittingly allowing Mr Mason to use a bank account under his control to perpetrate the fraud. It took no action against Mr Sinclair's firm. (Source: FSA Gets Boiler Room Conviction and Final Notice for David Sinclair)