Father and sons boiler room scam sent to prison

Image caption The FSA worked with the City of London police on the case

Three men have been jailed at Southwark Crown Court for a total of 19 years in jail for a £27.5m boiler room fraud.

Tomas Wilmot was jailed for nine years, and his sons Kevin and Christopher were given five years each.

They acquired, transferred and sold millions of low value and sometimes non-existent shares to vulnerable victims in the UK.

It comes after an investigation by the Financial Services Authority (FSA) and City of London Police.

They were assisted by judicial co-operation body Eurojust.

Investigators found £27.5m had been paid into five UK bank accounts, with about £14m then transferred to offshore banks in Malta, Lithuania and Spain.

Back office operations, accounts and companies used in the fraud were based in countries around the world including Malta, Italy, Lithuania, Austria, Brazil, Belize, Dubai and a number of Caribbean islands, the FSA said.

The court heard Tomas Wilmot, 64, from Westwood Lane in Guildford, Surrey, Kevin Wilmot, 43, from Langhurstwood Road in Horsham, West Sussex, and Christopher Wilmot, 42, from St Leonard's Road, also in Horsham, operated a "highly successful" enterprise.

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