A survey by the Financial Services Authority finds that experienced investors are often victims in boiler room brokerage scams.

The FSA survey of 105 people who reported they were victimized by a boiler room found that the typical victim of an investment scam is a middle-aged professional male with considerable investment experience. This survey was conducted over the summer of 2004.

The survey found that the majority of victims were male (87%), aged 35-55 (44%), however a large percentage were over 55 years old (42%), nearly 30% were professionals or directors.

The survey also indicated that those who are retired are also vulnerable to investment scams, making up 22% of the victims. When asked how many years of investment experience they had, 41% answered that they had been investing for over 10 years. Only 12% had never made an investment before.

“These figures dispel the myth that it’s just the novice investor who falls victim to investment scams. It is clear that professionals who have been making investments for many years are also particularly vulnerable. Anyone who is considering making an investment should remember; if it sounds too good to be true, it often is,” said Andrew Procter, director of enforcement at the FSA, in a release.

The FSA says it is currently aware of 113 unauthorized investment firms, which operate from overseas and are targeting United Kingdom investors. Its consumer helpline receives approximately 100 calls each month concerning boiler rooms.

The FSA is the financial services regulator in the U.K.