UK Front For Philippines Crime Ring Forced Into Liquidation

Law360, London (September 2, 2019, 4:52 PM BST) -- A court has placed four companies into liquidation after they were found to be fronting for a boiler room scam that conned overseas investors out of almost $600,000 by fraudulently selling shares in pharmaceutical companies, a government agency announced Monday.

The four incorporated companies claimed to be trading as IT consultants and software developers. But investigators with the Insolvency Service found they were a front for a crime syndicate that was selling fake shares to overseas investors before laundering the proceeds through the Philippines, the agency said.

Judge Nicholas Briggs approved a petition to the High Court to wind up North...

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