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Britons 'conned in US share scam'Thu Mar 13 21:20:16 UTC 2008 |
Britons 'conned in US share scam'Thu Mar 13 21:30:16 UTC 2008 |
| A father and daughter have been accused of tricking 15,000 mostly elderly British citizens out of more than $70m (£34m) by selling worthless shares. | A father and daughter have been accused of tricking 15,000 mostly elderly British citizens out of more than $70m (£34m) by selling worthless shares. |
| Investigators allege Paul Gunter, 58, and daughter Zibiah, 25, from Florida, sold fake shares in 50 dormant firms. | Investigators allege Paul Gunter, 58, and daughter Zibiah, 25, from Florida, sold fake shares in 50 dormant firms. |
| The pair have been charged with money laundering, mail fraud and securities fraud, US officials said. | The pair have been charged with money laundering, mail fraud and securities fraud, US officials said. |
| If found guilty, they could face up to 25 years in prison and a fine. They are due to appear in a Florida court later. | If found guilty, they could face up to 25 years in prison and a fine. They are due to appear in a Florida court later. |
| The BBC's Andy Gallacher, in Miami, says it is thought the Gunters hijacked the identities of the dormant, publicly traded companies and used high-pressure sales techniques to sell worthless shares to British investors. | The BBC's Andy Gallacher, in Miami, says it is thought the Gunters hijacked the identities of the dormant, publicly traded companies and used high-pressure sales techniques to sell worthless shares to British investors. |
| They are believed to have started the alleged scam in early 2005, US investigators said. | They are believed to have started the alleged scam in early 2005, US investigators said. |
| Deputy chief inspector Robert Wishart, head of the money laundering unit at City of London Police, said the arrests were part of an ongoing investigation into a "mass-marketing crime scam known as boiler room fraud". | Deputy chief inspector Robert Wishart, head of the money laundering unit at City of London Police, said the arrests were part of an ongoing investigation into a "mass-marketing crime scam known as boiler room fraud". |
| In a statement released by the US Immigration and Customs Enforcement (ICE) agency, he added: "Thousands of British people have fallen victim to this crime - in this inquiry alone, we estimate that around 15,000 mostly elderly people have lost money." | In a statement released by the US Immigration and Customs Enforcement (ICE) agency, he added: "Thousands of British people have fallen victim to this crime - in this inquiry alone, we estimate that around 15,000 mostly elderly people have lost money." |
| He said the arrests demonstrated the power of international collaboration to bring to justice those suspected of crimes, even if based overseas. | He said the arrests demonstrated the power of international collaboration to bring to justice those suspected of crimes, even if based overseas. |
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