Fake Investment Firms Target UK Boiler Room Fraud 03.07.2009 An international criminal network of fake investment firms known as "boiler rooms" are conning millions of pounds out of Britain's 10 million small shareholders.Dr John Ashley, from Cheshire, lost £60,000 after taking up free savings "advice" from Madrid-based investment firm Benjamin Fisher. Dr Ashley bought £60,000 of shares through the firm - which then crashed in value and proved to be unsalable. He said: "If I could have given my two kids 30 grand off their mortgage, I'm sure they'd be absolutely delighted. That would be a lot more pleasant than looking at a big hole in my bank account." Benjamin Fisher offered Dr Ashley a free report on a company in which he owned shares. After he returned a form he was contacted by a friendly salesman who persuaded him to buy shares in a mining company. The share price rose and Dr Ashley bought more of what are known as Regulation S shares. However, Regulation S shares are almost impossible to sell on and then the share price crashed, leaving his investment of £60,000 with a value of £5,000. City of London Police is co-ordinating Operation Archway to target boiler room fraud. Copyright © PA Business 2008 Press contact James Clarke Press Officer +44 (0)161 838 3169 Email James Related articles 19.06.2018The New Tax Evasion Facilitation Offence 19.06.2018Legal Challenge To Inadequate Care ‘A Wake-Up Call To The NHS’ 18.06.2018Family Of Former College Cleaner Appealing To Ex-Colleagues For Help Following Cancer Death 18.06.2018Family Law Team Ranked Number One 18.06.2018London Drives UK Tourism But Other Regions Attracting Attention 18.06.2018Omnichannel And Experiential 'Key To Retail's Future Success'