Binary option police
The man suspected of running a network of City-based boiler rooms that took millions of pounds from UK investors has this morning Feb 24 been arrested at City Airport.
The 38 year-old, from Chingford, Essex, was returning from Cyprus where he had fled to a few weeks before a warrant was issued for his arrest last June.
He was met off the plane by detectives from the City of London Police in a pre-arranged operation. The man is believed to have been the controlling force behind Base2Trade, which is now in liquidation.
Suspected boiler room mastermind in airport arrest by detectives
The company sold fraudulent binary options trading from three offices in the City of London; located on Bishopsgate and New Broad Street and in Tower More than people have reported to Action Fraud losing a total of two million pounds in the investment scheme. The City of London Police, which is the National Policing Lead for Fraud, has been investigating the case since January and in November arrested a woman in her 20s she tried to board a plane to Istanbul.
He was today arrested on suspicion of conspiracy to defraud, fraud by false representation and money laundering and was taken to a local police station for questioning. A binary option allows consumers to speculate on the short term movement in price of a stock, commodity, currency or index in financial terms.
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They are not regulated by the FCA, however if the firm has remote gambling equipment in the UK, they are regulated by the Gambling Commission. For 18 months the City of London Police has been working with the Metropolitan Police and City of London Trading Standards to tackle boiler rooms operating in the City of London and surrounding London boroughs. Operation Broadway has successfully targeted investment fraudsters before they have had the opportunity to consolidate their criminal operations.
The partnership has also worked together to make serviced and virtual office providers take responsibility for ensuring that only legitimate businesses use their services. Skip to content Hide page.
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Suspected boiler room mastermind in airport arrest by detectives The man suspected of running a network of City-based boiler rooms that took millions of pounds from UK investors has this morning Feb 24 been arrested at City Airport.
Police Staff Investigator Joseph Ford, from the City of London Police, said: Find out how you can join in. Visit our Facebook page Visit our Twitter page Visit our YouTube channel.
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