110 arrests in international shares fraud crackdown

Following a two-year investigation, anti-fraud police have arrested 110 people in Europe and the US in connection with fraudulent share sales. 

A series of raids last week resulted in the arrests after a lengthy investigation into 'boiler room' operations which are believed to have resulted in several million pounds worth of investment fraud. 'Boiler room' tactics involve young brokers cold-calling potential investors and selling them non-existent or over-priced shares using high pressure selling tactics.

Such operations were discovered in Spain, Britain, Serbia and the US and the raids also yielded several thousand pounds' worth of goods such as high-end cars, designer clothing and more.