View more on these topics

Boiler room fraudster gets another four years in jail

A fraudster found guilty of running a boiler room fraud has been sentenced to an additional four years in prison after failing to pay a £1.4m confiscation order.

James Baird was sentenced to five and a half years in jail in November 2011 after pleading guilty to conspiracy to defraud for his part in a Spanish-based boiler room fraud which took in £1.3m from UK investors.

In August 2012 he was ordered to pay a £1.4m confiscation order, of which £1.2m was to be paid in compensation to victims, within six months or face further imprisonment.

He has now been sentenced by Canterbury Magistrates’ court to an additional four years unless the confiscation order plus interest is paid in full.

The fraud used high-pressure telesales techniques to promote worthless share bonds in non-trading companies pretending they were shares in Chinese commodities firms.

The money put in by investors, many of them elderly, was instead paid directly to the individuals operating the fraud.

The fraud took place between 2009 and 2010, and allowed Baird to live a lavish lifestyle in Spain and the UK, including thousands spent on holidays, cars, restaurants and online gambling.

To date Baird has paid just £414,000 towards his confiscation order.

His time to pay expired on 15 August 2013 following an extension of the payment period. The total amount outstanding is now in excess of £999,000 which includes over £44,000 of interest which accrues at a daily rate of £209.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. goodness gracious 3rd April 2014 at 1:43 pm

    So the total time is 9 years, but probably cut to 4.5 years with good behaviour. As a white collar criminal he will go to open prison, a far less onerous regime than boarding school. Sentenced in November 2011, he can expect to be released in May 2015. So if he saves nearly £1 million by serving the extra time, then its good business practice. Even if he has to do a further 2 years, its still a good return. Lets hope all his assets, including those in his wife and children’s name can be seized under the law after he has done his time. Otherwise, crime does pay!

Leave a comment

Close

Why register with Money Marketing ?

Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm

Email: customerservices@moneymarketing.com