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.