Boiler Room Operators Must Repay Investors In £3M Scam
Law360, London (October 16, 2020, 2:25 PM BST) -- Two men convicted for their role in a series of boiler room scams that swindled investors out of £2.8 million ($3.6 million) must repay approximately £400,000 in compensation to their victims under confiscation orders approved Friday.
Ryan Parker and Stuart Rea must pay £345,717 and £54,757 respectively within three months or face 18 months in jail under confiscation agreements with the Financial Conduct Authority as part of one of the financial watchdog's largest ever criminal prosecutions.
"I find these figures, having been agreed the parties, reflect the justice of the case," Judge Christopher Hehir said at at Southwark Crown Court as he approved...
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