View more on these topics

Boiler room fraudsters ordered to pay £11m redress

Handcuff-Justice-Euro-Fine-Ban-Jail-700x450.jpgTwo convicted fraudsters have been ordered to pay £11m in one of the largest boiler room cases to be prosecuted by the UK authorities.

Australian national Jeffrey Revell-Reade was ordered to pay a £10,751,000 confiscation order and Londoner Anthony May was ordered to pay £250,000.

The duo is well known for their lavish lifestyle having masterminded a scam which led British investors to buy £70m of worthless shares between 2003 and 2007.

The pair sold shares in US-listed companies from Madrid after their expiry period as well as placing orders in shell companies or companies not operating at all.

In 2014 Revell-Reade and May were jailed for nine years and six months and seven years six months respectively for conspiracy to defraud.

Their convictions were also linked to seven other individuals, who have been convicted and sentenced after a seven-year investigation by the Serious Fraud Office.

SFO head of the proceeds of crime division Mark Thompson says: “These individuals benefited substantially from their crimes. Their lavish lifestyles featured numerous overseas properties, wine collections and a luxury yacht. We welcome these orders which the pair now need to pay or face a further period of imprisonment.”

Revell-Reade and May will have three months to pay the order or they’ll face a 10 and three-year prison sentence respectively. If paid, the total sum will be returned to the victims in the case.

Recommended

UK-Currency-Money-Coin-Pounds-GBP-700x450.jpg

SFO secures arrest warrants for five Euribor traders

The Serious Fraud Office has obtained arrest warrants for five European bankers accused of conspiracy to rig Euribor benchmark interest rates. The five traders at Deutsche Bank and Societe Generale have remained in their home countries to face the charges and failed to appear in court, lawyers for the SFO said at Southwark Crown Court, […]

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpg
1

SFO drops forex investigation due to lack of evidence

The Serious Fraud Office has closed its criminal investigation into foreign exchange market fraud due to “insufficient evidence”. Following a referral from the FCA, the SFO began investigating “fraudulent conduct” in the forex market in July 2014. The investigation was carried out over one and a half years and covered over half a million documents. […]

Warning-Sign-Danger-Warn-700x450.jpg
2

Pension liberation fraud falls as crooks target larger savings

The number of pension liberation frauds reported to police has dramatically fallen over the last five months, but evidence suggests increasingly sophisticated criminals are targeting ever larger sums. Latest figures from the City of London police show that in February, the latest month for which figures are available, just 12 cases of liberation fraud were […]

Handcuffs-700x450.jpg

Former IFA Ponzi fraudster handed two extra years in jail

A former IFA serving a 10-year jail term for a Ponzi fraud has today seen his sentence extended by a further two years. A Southwark Crown Court judge added the 730 day penalty after Phillip Boakes failed to pay a confiscation order made at the same time his sentence was upheld in November. Boakes was […]

Tax year-end planning for annual allowance

Last tax year-end there was a lot to think about in relation to planning. The introduction of the tapered annual allowance and the implications of moving to a fixed pension input period, the reduction in the lifetime allowance and potentially applying for protection, and the concern about changes to tax relief, to name a few. […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment