Having prosecuted six defendants for their part in a boiler-room scam that defrauded investors of more than £2.7 million, the UK's Financial Conduct Authority has ensured that three have been found guilty at trial, with the other three pleading guilty at an early stage.

Due to reporting restrictions, the defendants (two of whom are facing separate trials next year) remain anonymous. All will be sentenced at Southwark Crown Court at a later date.

One defendant was found guilty of one count of conspiracy to defraud, contrary to the common law, one count of fraud by abuse of position (in contravention of s1 Fraud Act 2006) and one count of doing acts tending and intending to pervert the course of public justice, contrary to the common law. He or she also pled guilty to four counts of communicating an invitation to engage in investment activity, contrary to s21 Financial Services and Markets Act 2000. Another defendant was found guilty of one count of conspiracy to defraud, contrary to the common law, and three counts of communicating an invitation against s21, although he/she was acquitted of a further count under that section. Yet another defendant was found guilty of "entering into or becoming concerned in" a money laundering arrangement contrary to s328(1) Proceeds of Crime Act 2002 and one count of doing acts tending and intending to pervert the course of public justice, contrary to the common law. Two others pled guilty to one count each of conspiracy to defraud, contrary to the common law and yet another pled guilty to one count of fraud by false representation (s1 Fraud Act) and one count of breaking s21 FSMA.