UK's Financial Services Authority Returns £270,000 To Victims Of Share Fraud

The Financial Services Authority (FSA) has recovered approximately £270,000 as a result of action taken against companies involved in a share fraud activity.

This figure is believed to be the full amount invested by victims and it will be repaid to them in full.

Members of the public were cold-called from overseas by individuals saying that they worked for the following brokers: Rothman Capital; Bishop Capital; Bernam Shore; and Investor Relations Corp, and encouraged to buy shares in a company called Eduvest Plc with the promise of a significant return on their investment. They were instructed to make payment into a UK bank account; however the shares were worthless.

The investigation is ongoing.

Margaret Cole, the FSA's director of enforcement and financial crime, said:

"We are extremely pleased to be able to recover and return money to investors who have been persuaded to hand over their money as part of a share fraud scam. Such good news is rare for victims who deal with unauthorised firms, as the money usually disappears without a trace."