Fraud City is a business novel about dubious penny share selling operations, told by Alex Davidson, who has made his name exposing this industry. This is a modern business expose (based on the authors real experience, but presented as fiction) to show how things work from inside the dealing rooms. He addresses financial fraud, shows how a 'boiler room' operates, how it makes money, and the fate of the involved clients and employees. Davidson tells how American fraudsters are running share selling operations internationally, selling into other countries, and even if they get caught, it is probably not until they have done enormous damage. This is because the US has laxer rules for penny shares sold to foreigners than to its own citizens which in turn accounts for many fraudulent penny stocks. There are weaknesses in UK principles-based financial services regulation (UK regulations are very lenient, and there are many loopholes), compared with the US rules-based approach (tougher, better resourced), and this book elaborates on their differences. The author demonstrates how securities fraud continues under the regulator s nose, enforcement resources are weak and the penalties small or nonexistent. Alex Davidson tells the story of how the post-MiFID trading environment gives bucket shops the opportunity to flourish again, by taking over respectable firms in problems that have an established client base.