Pensioners conned out of millions of pounds

TWO pensioners from Times Territory are among hundreds conned out of millions of pounds by a gang of four.

One, a Codicote man in his 70s, died before he could see the fraudsters banged up for their part in a �4m scam.

The deceased victim and an elderly man from Welwyn were, according to police, conned out of “thousands and thousands of pounds” during the so-called ‘Boiler Room’ scam.

In total, 320 people across the country were conned into buying worthless shares over the telephone.

After a compensation hearing at Southwark Crown Court on Friday, it was decided nearly �1m will be paid back to the victims from the criminals.


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Detective constable Jim Frost, of Hertfordshire Constabulary’s fraud squad, said: “Although victims will not be receiving all the money they were conned out of, I hope what they will receive can help bring some closure to this traumatic experience.”

He added: “It’s very unlikely someone will try and sell you genuine shares over the telephone.

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“If it sounds too good to be true then it really is.”

* Are you a victim or a relative/friend? What do you think of the compenstation ruling?

Call the Welwyn Hatfield Times newsdesk on 01707 384180 or email naiomi.madden@whtimes.co.uk

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