boiler room scam

[amaltman47]

If you are the victim of a boiler room scam and the perpetrator was found guilty. But only had enough to pay the victims 11% of the amount that was taken from them. Can the victim pursue criminal compensation for the remainder of his cash through the courts.

[bednobs]

even if you could, what's the point if the person doesn't have any money? Doesn't criminal compensation apply to injuries only?

[EDDIE51]

Yes 'criminal compensation' is for injury only and most classes of it have just been abolished anyway. You could start a civil action to sue him for your cash but as he had none you would just end up even worse off as you would have to pay the court costs.

[Peter Pedant]

The answer to your question is Yes you could puruse a civil action.


However everyone else has said, dont bother - he is a 'man of straw' ( = lawyer speak for he has no munny )

and it looks as tho you are gonna have to accept this as a fact of life, 'forget' the loss as there is no way of getting the money back and get on with your life.

Just waving good bye to 90% of your money is hard I agree.

[New Judge]

Just a point of clarification. You cannot persue "criminal" compensation. Compensation following a criminal conviction can only be ordered by a court. Incidentally it is not limited to compensation for injury. It can be ordered for all manner of things such as following a theft or criminal damage conviction). As has been said, you are able to launch a case in the civil courts.

[EDDIE51]

Thanks New Judge you have cleared up a point I was not clear on.
I would surmise that the offender was ordered to pay compensation, but could only afford to repay 11% ? So further court action is futile .

[New Judge]

Yes quite right Eddie.

There is a possibility that a civil court may look a little deeper into the miscreants finances than would a criminal court (particularly if the conviction came from a Magistrates' court) but it is doubtful that they would find another 89%.

[EDDIE51]

Thanks , I'm still not clear what a 'boiler room scam' is though. Did they sell someone a dud heater ?

[Buenchico]

For Eddie:
http://www.fsa.gov.uk/consumerinformation/scamsandswindles/investment_scams/boiler_room