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U.S Court Comes Down Hard on Boiler Room Operators

11 August, 2020

Member of similar fraud ring targeted by IFW Global sentenced to long jail term.

The powerful U.S organisation of Homeland Security Investigations (HSI) has been successful in seeing justice served on members of an international money laundering and investment fraud ring. The ring scammed more than $14.5 million from victims through tactics used in boiler rooms in South-East Asia.

Brooks Thomas Nesbitt, 37, from Ontario Canada, was sentenced to 10 years and one month in a federal prison in the U.S for conspiracy to commit wire fraud. The court also ordered Nesbitt to pay at least $14.5 million in restitution to various victims.

Between 2014 and 2019, Nesbitt operated boiler rooms in Thailand, where large sales teams would use high-pressure tactics selling bogus investments that were particularly related to shares and stocks. Once money had been obtained from a victim it was laundered through various shell companies and bank accounts in America and Asia before it eventually found its way back to Nesbitt.

Several of his associates are already serving jail terms.

The team at IFW Global, which has been responsible for busting various boiler rooms and their operators in South-East Asia, took a particular interest in the Nesbitt case. In 2018, IFW Global formed a close strategic alliance with HSI’s Financial Investigations Unit and Special Response Team, targeting international money laundering and organised boiler room operations. Members of HSI were present during IFW Global’s successful operation against a Philippine based criminal group in November 2018.

Watch Ken Gamble on 60 Minutes busting a boiler room operation in Manila.

IFW Global Chairman Ken Gamble said: “We are very proud to be closely aligned to a prestigious law enforcement agency such as HSI. This private-government working alliance has been instrumental is exposing and disrupting transnational criminal syndicates involved in boiler rooms and mass money laundering across the world”.

“We are equally proud to have former HSI Special Agent Michael Nasca on our team in our Miami office. His experience and connections on an international scale gives us a huge advantage when it comes to investigating fraud, scams and money laundering across many different borders”

“The strong conviction of Nesbitt and his cohorts, through a U.S court, proves the strength and determination of HSI to stamp out boiler room operations. Mike brings to IFW Global the same drive and crucial investigative techniques he learned from working at HSI”

If you think you have been the victim of a financial scam, please contact IFW Global.

 

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