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Family-Run Boiler Room Case Ends with Prison Sentences
August 23, 2011
A father and 2 sons were sentenced to a total of 19 years for a UK-based share-selling scam which spanned 10 countries and defrauded 1,700 investors out of £27.5 million ($45.2 million). Father Tomas Wilmot will serve 9 years, while sons Kevin and Christopher each got 5 years. The Financial Services Authority (FSA), got assistance from Malta, Italy, Austria, Hong Kong, Ireland, Spain, Lithuania, Iceland, Cyprus, and Slovakia.
Two months earlier, the FSA secured its first ever criminal conviction for a boiler room operation. It now has secured two criminal convictions over a 2-month period.
Boiler Room Allegations. The FSA said the Wilmots controlled a syndicate of 16 boiler rooms and many of their victims were elderly and in some cases suffering from serious illnesses. Son Kevin Wilmot oversaw the day-to-day mechanics of running the boiler rooms, while his brother Christopher Wilmot lent the scams credibility through a Slovak IT company, Page Conception, that he controlled. Page Conception hosted websites for the frauds and expert analysis showed Christopher Wilmot forged signatures on share transfer forms, the FSA added.
The fraud lasted 5 years until 2008, during which time the family transferred more than half of the cash they collected to bank accounts in Malta, Lithuania and Spain. This case was handled by Eurojust, a body which coordinates investigations that involve several European Union member states. [Reuters, 8/22/11]
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