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Latino Daily News

Sunday March 2, 2014

Spanish Police Arrest 75 British, 3 Americans for “Boiler-Room” Fraud

Spanish Police Arrest 75 British, 3 Americans for “Boiler-Room” Fraud

Photo: Spanish police

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A total of 75 British and three Americans have been arrested by Spanish police in an international operation targeting so-called “boiler-rooms,” or networks of businesses with no real commercial activities but responsible for frauds that rake in millions.

Spanish police reported in a communique Monday how the arrests succeeded in dismantling 15 of these boiler-rooms, between Barcelona in the northeast and Malaga in the south, which conned people into investing their savings in financial schemes that sounded attractive but were really fakes.

In 2012, more than 5,000 people, generally retired and between the ages of 60 and 70, were duped by these fraudulent schemes.

The investigations, coordinated by Spanish and London police, have taken two years with the collaboration of the British NCA, the U.S. Secret Service and the police of Tampa, Florida.

Added to the 78 arrests in Spain were another 30 in such countries as Britain, Serbia and the United States, the sources said.


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