Friday 4 September 2009

£1m 'Boiler Room' Plot Alleged


The alleged administrator of a near £1m 'Boiler Room' conspiracy which allegedly duped investors into buying worthless shares appeared at City of London Magistrates' Court on Thursday.

Christopher Fay, 62, of Holburne Road, Blackheath is charged with conspiring with others between March 1 2008 and April 24, 2009, within the Jurisdiction of the Central Criminal Court, to defraud investors by selling worthless shares.

Fay is also charged with entering into an arrangement which he knew or suspected facilitated the acquisition, retention, use or control of criminal property, and with acquiring criminal property, contrary to the Proceeds of Crime Act, between the same two dates.

Fay, who allegedly received £300,000 into his account, was bailed to appear at Southwark Crown Court on September 7.

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