West Palm Beach (HedgeCo.Net) – Father does not always know best… especially when he recruits his daughter to help him scheme over 15,000 Britons out of $70 million.
Paul Robert Gunter, 58, and Zibiah Joy Gunter, 25, have allegedly been selling fake shares of stock to mostly elderly residents of London, through high pressure phone calls using misleading sales techniques.
"This is part of an ongoing investigation into a mass marketing crime scam known as boiler room fraud," deputy chief inspector Robert Wishart of the City of London police’s money laundering unit said in a statement. "Thousands of British people have fallen victim to this crime."
By using this boiler room fraud, the pair convinced victims to buy bogus shares of 50 shell companies by "hijacking the identities of dormant, publicly traded companies," and promising that the stock prices would rise sharply.
Scott Broom, 52, was one victim who wired almost $55,000 into a Bank of America account, after Paul Gunter convinced him to invest in a company called Transglobal Oil Corporation over the telephone.
The two were arrested in Tampa, FL and face more than 100 years in prison if they are found guilty of conspiracy, fraud and money laundering.
Julie Scuderi
Senior Editor for HedgeCo.Net
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