Boiler Room Scam Pair Jailed

Boiler Room Scam Pair Jailed

Clive Griston and Matthew Noad have been jailed for just over 4.5 years each for their parts in a £10m Bolier Room fraud.

Land Scam

The two men initially were investigated for selling virtually worthless land to unsuspecting people, suggesting that the land was a ripe development and could yield double and treble returns.

It has since been found that much of the land was green belt or other types of non-prime building land such as brown land and flood plain land.

Carbon Credits Securities

Whilst out on bail for the above land scam, the pair supposedly set up a carbon credits scam.

What are carbon credits:  A permit which allows a country or organization to produce a certain amount of carbon emissions and which can be traded if the full allowance is not used.

Allegedly, the pair preyed on the elderly and vulnerable pursuading people to invest thousands of pounds with many losing their life savings.

Compensation

There is no recourse from the Financial Services Compensation Scheme?  Why?  Because the FSCS is NOT paid for by the government, it is funded by regulated firms such as us, other financial advisers, banks and insurance companies.  As such, FSCS compensation is only payable for losses via regulated firms and products.

Can there ever be a clearer message for using a regulated adviser.  We have a saying on this site and we will repeat it again "You can only con a greedy person".  Sadly, some people have been conned and no doubt it will happen again.

Always, always take regulated, professional financial advice.