Three defendants have been found guilty for their roles in a series of boiler room investment scams which led to the loss of more than £2.7m of investors’ funds. 

The FCA said that a further three defendants pleaded guilty earlier in the proceedings. The defendants are due to be sentenced at Southwark Crown Court in the near future and confiscation proceedings will follow. 

The defendants cannot be named due to reporting restrictions. Further details of the investigation and the identity of the defendants will be released by the FCA once the reporting ban has been lifted. 

The first defendant was found guilty of one count of conspiracy to defraud, one count of fraud by abuse of position, and one count of acts intending to pervert the course of public justice. The defendant also pleaded guilty to four counts of communicating an invitation to engage in investment activity. 

The second defendant was found guilty of one count of conspiracy to defraud and three counts of communicating an invitation to engage in investment activity. However, the defendant was acquitted of one count of communicating an invitation to engage in investment activity.

The third defendant was found guilty of entering into a money laundering arrangement and one count of doing acts intending to pervert the course of public justice.

The fourth defendant pleaded guilty to one count of conspiracy to defraud.

The fifth defendant pleaded guilty to one count of conspiracy to defraud.

The sixth defendant pleaded guilty to one count of fraud by false representation and one count of communicating an invitation to engage in investment activity.