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In the world's biggest global swoop on financial fraudsters, police have arrested 110 people in the UK, Spain, Serbia and the US, who tricked thousands of elderly people out of their life savings to lead playboy lifestyles.
Police raided 35 properties in the four countries in connection with "boiler room" gangs who dupe victims into buying worthless or non-existent shares.
Police targeted the masterminds and facilitators of the "boiler room" fraud - so-called because of the cramped conditions they work from.
City of London Police Commander Steve Head, said: "What we've seen today is the culmination of a two year investigation that has been worldwide in its nature.
"We expect this network alone to have upwards of 1,000 victims. We've seen millions of pounds taken from people.
"You see real victims in real communities whose lives have been devastated. Savings that they thought they could rely on in their old age have gone in a heartbeat," Head said.
Officers' likened their lifestyles to the excesses portrayed by Leonardo DiCaprio in Wolf of Wall Street, spending the stolen money on sports cars, designer watches, drugs and prostitutes.
One of the suspects was believed to be paying 40,000 pounds per month just to rent an apartment. An Aston Martin and Ferrari were among the cars seized by police, along with various watches and 500,000 pounds in cash.
They believe the operation codenamed 'Operation Rico' is the biggest ever operation against the crime.
The raids earlier this week were made public today after a Spanish judge lifted a reporting ban.
So far 850 UK victims have been identified, mainly pensioners, who have lost a total of around 15 million pounds - ranging from around 2,000 up to 500,000 pounds per person - but police believe that this is "the tip of the iceberg" and that there are thousands of people who have been duped.
Police said those who were targeted were usually vulnerable or had a history of share investment, particularly in privatised utilities in the 1980s and 90s.
Most of the victims were aged 40 and over, with many in their 70s and 80s. Police say some killed themselves because of the financial problems they got into.
Fraudsters cold-call their victims, applying "high- pressure sales techniques" and "confidence tricks" to persuade them to part with their money.
They are offered returns of 10 to 20 per cent per year, directed to authentic-looking websites and glossy brochures and asked to invest in bonds in well-known firms or in other companies that are officially registered.
UK's Financial Conduct Authority has estimated that as much as 200 million pounds is lost to boiler room frauds in the country every year. The biggest individual loss recorded by police was 6 million pounds.
