Boiler Room dismantled by London Police

24 May AtoZForex, Vilnius — The City of London Police, made an announcement sentencing four American fraudsters to prison time. In relation to gold scams that duped numerous of British citizens. This comes after several years of multi - jurisdictional operations connected above 100 people to a boiler room dismantled by London Police. According to the investigation, the fraudsters carried out their operations in Spain.

Boiler Room dismantled by London Police

The European and US enforcement led investigation uncovered a boiler room set up by four fraudsters operating in Spain. The fraudulent activities included operators making cold-calls as representatives of Own Gold LLC. The fraudsters promised investors large amounts of gold that would be mined from Nevada. The fabricated story facilitated frauds totaling more than 7 million dollars through the Boiler Room dismantled by London Police.

Above 110 suspects were taken into custody in relations to the case in 2014. Homeland Security Investigations (HSI) and US Immigration and Customs Enforcement (ICE) apprehended Michael Skillern and Jon Nelson during this period in Houston, Texas. Meanwhile, Naadir Cassim and Adriana Camargo were apprehended in Barcelona, Spain.

Fraudsters sentenced at last

Despite the suspects were caught in 2014, the sentencing concluded today in Tampa, Florida. The fraudsters Naadir Cassim, Adriana Camargo, Michael Skillern and Jon Nelson were ordered to serve 25 years in prison. On being found guilty of money laundering conspiracy, conspiracy, and mail fraud offenses. John Ellis, the acting Detective Inspector leading the Operation Rico team of the City of London Police said that:

“The imprisonment of these individuals shows how international law enforcement can work together to dismantle investment frauds. It also reinforces the importance of people in this country being extremely cautious about investing their money in schemes where the first approach comes from a cold-caller promising high returns.”

Other charges on the involved fraudsters

Skillern, Nelson, and Cassim were further convicted of wire fraud while Cassim was convicted of monetary transactions of illegal nature as well. Skillern (49) was sentenced to 10 years, Nelson (69) was sentenced to 8 years, Cassim (40) was sentenced to 5 years and Camargo (37) got the shortest sentence of 2 years based on the latest updates.

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