Fraudster faces 20 years in jail for ‘boiler room’ scam

A MULTIMILLIONAIRE fraudster is facing up to 20 years in a US jail after admitting ripping off thousands of investors in Britain’s biggest “boiler room” scam.

Richard Pope, 53, funded a lifestyle of fast cars, yachts and private jets as his international gang pressurised pensioners over the phone into buying non-existent shares.

His crime empire made more than £100 million (€115m) as more than 2,300 victims were bullied into handing over life savings, detectives believe. One victim alone lost more than £800,000.

As Pope pleaded guilty to his part in the conspiracy at Florida District Court, detectives condemned him for leaving a trail of victims destitute.

Detective Superintendent Bob Wishart, from the City of London Police’s Economic Crime Directorate, led the investigation in partnership with US authorities.

“He and the guys who did this are on a par with some of the most ruthless villains out there,” he said.

‘Boiler room’ scams involve fraudsters using high-pressure sales tactics to con investors into buying non-tradable, overpriced or even non-existent shares.

Pope spent two years on the run before his arrest, police said.

His crime gang stole the identity, history and shareholder base of dormant, publicly trading companies in America before cold calling investors.

While the fraud outlined in the indictment totalled £80m, detectives believed the actual total was well in excess of £100m.