Boiler room fraud
'Boiler Room' fraud is when high pressure sales techniques are used to get people to buy shares which turn out either to not exist or not be what they seem.
The targeted victim will usually receive a number of telephone calls trying to persuade them to invest in what often turn out to be worthless, fraudulent or non existent shares. The fraudsters require their victim to transfer large sums of money to bank accounts which are usually overseas - and they will never see it again.
Unfortunately, as most of these frauds are based oversees and not authorised by the Financial Services Authority, (FSA) the victim has no rights to complain or claim compensation from the relevant UK schemes.