The Financial Services Authority yesterday took action against two individuals and seven businesses suspected of involvement in boiler room share fraud activity.
With the assistance of the City of London Police, the FSA executed search warrants on three premises in London and Southend and one individual was arrested. The FSA also served injunctions freezing assets up to £350,000 and restraining the unauthorised activities of the businesses and individuals involved.
The FSA investigation centres on two individuals who are suspected of profiting directly from the activities of a number of suspected overseas boiler rooms.
No-one has been charged at this stage in connection with the FSA's investigation, which is ongoing.
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