A fraudster dubbed the “Wolf of Wimbledon” has had an extra four years placed on his jail sentence for failing to pay back more than £7.5m to victims of his scam.
Australian national Jeffrey Revell-Reade was found guilty of running a so-called boiler-room scheme, where cold-calls are made by salesman from a dedicated office pitching questionable or fraudulent investments, in 2014.
He was given a nine-and-a-half year prison sentence for his role in selling US-listed companies from Madrid, leaving investors out of pocket when they came to sell after it was revealed the investments were worthless, either placed in shell companies or in defunct companies.
Two years later, the court ordered the confiscation of £10m of his assets. While this was eventually appealed down to £7.5m, only £3.5m has been paid so far.
A court has ruled that this triggers an additional four years on Revell-Reade’s prison term, and that he must still pay the full amount once he is released.
District Judge Snow said: “I have no doubt at all that given his record of offending, given his failure to meet the order, given the lies he has told previously and given the bogus High Court claim, that the assets are available to Mr Revell-Reade as found by the Crown Court and that the reason for his behaviour is that he is wilfully refusing to settle his order.”