More than 38,000 people from across the UK are being warned that they could be the target of share fraud after a master list used by boiler room fraudsters was recovered. [19 May 2010]
Share fraudsters, commonly known as boiler rooms, usually contact people by telephone and use high pressure sales tactics to con investors into buying non-tradable, overpriced or even non-existent shares. These fraudsters are unauthorised, often overseas-based companies with fake UK addresses and phone lines that are routed abroad.
Active share fraud list
The list contains the names and addresses of 38,242 people who the Financial Services Authority (FSA) believes may be contacted and offered worthless shares. Most of the targets are based in London and the South East, but there are also a significant number in Yorkshire and Lancashire.
It is believed that the list is still being used by boiler rooms operating both in the UK and abroad. The FSA will be writing to everyone on the list to alert them to their presence on it and to inform them how to avoid being scammed.
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To report a fraud, call Action Fraud on 0300 123 2040 or use our online reporting tool.