Three defendants have been found guilty for their roles in a series of boiler room investment scams which led to the loss of more than £2.7m of investors’ funds. 

City of London Police this week arrested a man in the City on suspicion of conspiracy to defraud and money laundering.

The FCA said that over one in 10 of the 106,000 contacts it received from consumers last year were to report a financial scam and ask what the next steps were.

The men behind a financial ‘boiler room’ investment-pushing operation that ripped off 193 mainly elderly and vulnerable victims - cheating them out of £7.5m - have been jailed for a total of 35.5 years following an investigation by the City of London Police fraud teams.