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Investment fraudster ordered to pay £1.5m in compensation

A former director of an investment firm who was jailed for fraud in 2010 has been ordered to pay £1.5m in compensation by the Serious Fraud Office.

William Godley of Imperial Consolidated Group was jailed for three and a half years for his part in a global fraud which attracted £250m from 3,000 investors.

The investors believed that their money would be used to finance a commercial loans business from which they would gain interest. Instead their money was used to fund the company’s own overheads and Godley’s extravagant lifestyle.

SFO proceeds of crime investigator Paul Wilson says: “The court found that Mr Godley had benefitted substantially from his criminality and the order made today reflects this.

“Despite his guilty plea, this has been an extremely protracted legal process but the SFO is committed to ensuring that fraudsters do not benefit from their crimes. 

“If he does not pay, Mr Godley faces a further period of imprisonment and the SFO will take steps to enforce the order so that his victims can finally receive some compensation.”

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Comments

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

  1. Given that most if not all the misappropriated money was used to keep the company afloat and to fund Godley’s extravagant lifestyle, how likely is it that he’ll be able to lay his hands on £1.5m? Extremely unlikely would be my guess.

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