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FSA fines accountants for role in boiler room scam
Transcript of FSA fines accountants for role in boiler room scam
The regulator fined and banned chartered accountants Paolo Maranzana and Laurence Finger for Sedley Richard Laurence Voulters’ (SRLV) involvement with the scam.
Mr Maranzana was fined £105,000 and has been banned from working in financial services while Mr Finger was fined £35,000 and has been banned from being a money laundering reporting officer.
To assist with the fundraising, Natrocell Shareholders used the services of overseas entities to sell shares in Natrocell Shareholders to investors which were in fact share fraud operators, commonly known as boiler rooms
The boiler rooms contacted at least 1,262 potential investors and the FSA said some were subjected to high-pressure selling techniques to encourage them to buy shares.
They paid over £2.5m into bank accounts operated by SRLV and significant sums were subsequently paid out on the instructions of Natrocell Shareholders as commission to various boiler rooms.
Margaret Cole, managing director of enforcement and financial crime at the FSA, said authorised firms and their employees have an important role to play in combating financial crime.
"This means that they cannot turn a blind eye when they see warning signs that their clients might be involved in financial crime.
"In this case, the failures by SRLV, Finger and Maranzana to carry out their responsibilities had an impact on consumers who have probably lost their money by investing through boiler rooms."