Natalie McNamee, instructed by the Financial Conduct Authority, prosecuted an eight-week trial at Southwark Crown Court, which resulted in the conviction of three defendants for an offence of conspiracy to defraud. A fourth defendant was convicted of breaching the general prohibition against trading without FCA authorisation.

The defendants set up and ran a fraudulent binary options trading platform. Potential investors were cold-called and persuaded to put money into this risky form of investment through promises of high returns, ring-fencing of funds and initial periods of loss-free trading. In truth, once the money was handed over, it was simply dissipated, and no trading actually took place. In total, £1.4 million was taken from over 100 victims, many of whom were elderly and vulnerable. Binary options have since been banned by the FCA.

The first three defendants were sentenced to a combined total of 24 ½ years’ imprisonment. The fourth defendant will be sentenced at a later date.

Natalie was led by Alastair Smith of 2 Bedford Row, and instructed by Ben Holden and Nehal Vasani of the Financial Conduct Authority.

Press reports:

www.thetimes.co.uk/article/three-jailed-over-boiler-room-fraud-vplp7pn6h

www.law360.com/articles/1574093/fca-accuses-4-traders-of-running-boiler-room-fraud

www.fca.org.uk/news/press-releases/three-individuals-convicted-and-sentenced-combined-24-and-half-years-all-or-nothing-investment-fraud