A boiler room victim case study: the individual's name has been changed.
Mr White is 72 and a retired TV broadcaster who says he's been investing for many years. He has been contacted by more than five boiler rooms and has lost over £70,000.
"I've always invested in whatever takes my fancy but before I was contacted by a boiler room I didn't believe in taking risks.
"It all started when I received various letters from companies claiming to know about shares that I held. They offered to put me in the picture and I made the mistake of responding because I was interested in what they had to say. I didn't know what I was getting into.
"I was then called out of the blue at home. They got to the point very quickly saying that they had certain positions to offer me.
Because I had family at home I didn't want them calling so I did anything to get rid of them. They told me I was never too old to invest so to get them off my back I took them up on their offers. And they kept calling back.
"I really didn't know much about the firms calling me but they all had grand sounding names. They were based in the US or Spain but most had London numbers and addresses. I later found out that the calls came from overseas but were routed through London.
The first company I invested in supposedly had a great new scheme for rubbish disposal in the US. Everything I was offered had reasons to legitimately push their share prices up. But relied on what they told me.
"My first investment was £26,000 but it's now built up to over £70,000 and I feel very foolish. Each investment was a scheme that offered US restricted stock which I can't sell.
"I first realised I'd got myself involved in a scam when I saw the share prices of the companies I'd invested in dropping like stones. I also thought it was strange that other than the certificates I never got any paper work like investment updates or annual reports.
"They build up contact with you over a few months but when they get what they want they stop calling."