An insider claims there are hundreds of boiler rooms in Spain targeting the UK.

The insider dealer from one of the boiler rooms in Spain says thousands of young Britons are being sucked into the business. “They go out for extended holidays and work in a boiler room for someone, like it and want to stay on. They can see some of us walking round with 20 grand watches on without a care in the world, earning stupid money”

The biggest boiler rooms would have around 20 salesmen watched over by a floor manager and backed up by two chief dealers. Then there are a couple of “loaders” who pursue investors who have already been conned once tried to wheedle the rest of their savings out of them and “sloppers”, whose job is to trick victims into paying an upfront fee for help in trying to get their money back.

The police have confirmed that they believe that losses from the boiler room fraud are much larger than has previously been thought. They put the figure at a least half a billion pounds but probably more than that and that puts it ahead of losses from credit card and debit card fraud and it’s probably the biggest fraud affecting large numbers of people in Britain today.