View more on these topics

British trio jailed over £80m investment fraud

Gavel-Justice-Fine-Ban-700x450.jpg

Three British men behind an £80m investment fraud which targeted UK investors have been jailed in the US for a total of 43 years.

At least 2,300 UK investors, mostly retired professionals, lost money to the boiler room fraud, with individual losses ranging from a few hundred pounds up to £1m. Many victims lost all their savings.

Richard Pope, Paul Gunter and Simon Odoni were sentenced at a Florida court yesterday following a seven year international investigation involving the City of London Police, US law enforcement agencies, the Serious Fraud Office, Spanish National Police and Norfolk Police.

In 2004 the trio acquired previously hijacked dormant, public traded companies in the US which they used to sell UK investors worthless stock.

A network of Spanish boiler rooms was also used to target investors with high pressure sales tactics.

The stolen money funded extravagant lifestyles including a £350,000 private jet, 26 properties in the US and three in the Dominican Republic, and a number of high value cars and speed boats.

The City of London Police linked a number of investigations in the UK to those being carried out by federal agencies in the US.

In March 2009 the US Attorney’s Office charged seven defendants, including Pope, Odoni and Gunter with offences including money laundering and mail and wire fraud.

Pope pleaded guilty to conspiracy to commit mail and wire fraud in March 2011, and testified against his fellow gang members in March 2013. Both men were found guilty in April.

One man committed suicide after losing a total of more than £200,000, including £70,000 to this gang. His widow testified against the gang.

Detective Inspector Kerrie Gower, who led the investigation for the City of London Police, said: “Pope, Gunter and Odoni are among the most arrogant, ruthless and destructive criminals the City of London Police has ever dealt with and deserve every day they will spend behind bars in the US.

“Unfortunately this sentencing will not repair the huge damage they caused to the lives of thousands of people who were simply looking for a safe place to invest their money, but hopefully it will bring a measure of comfort and a sense of closure to those caught up in what was fraud committed on a truly significant scale.”

Gunter was sentenced to 25 years in prison, Odoni was sentenced to 13 years and four months, and Pope was sentenced to four years and nine months.

Recommended

Corporate-Portfolio-Briefcase-General-Business-700x450.jpg

NS&I cuts premium bond prize fund to meet Govt funding targets

National Savings & Investments has cut the premium bond prize fund by nearly £8m in its latest bid to meet Government financing targets. From 1 August, the prem-ium bond prize fund will fall to £49m compared with £57m in July while the odds of each £1 bond winning will fall from 24,000 to one to […]

1

Aegon: A third of over 55s have no active pension

Some 30 per cent of people aged over 55 do not have an active pension plan, according to research by Aegon.  The provider says in this group, which made up 278 of the 1,191 workers surveyed, half do not have a back up plan to provide income if they are unable to work before they retire. This figures rises […]

4

Mercer drops Standard for Aegon on workplace panel

Mercer has replaced Standard Life with Aegon on its workplace savings preferred provider panel. Aegon joins Friends Life and Zurich on the panel which has around £3.6bn assets from 90 corporate and trustee clients. Mercer says “differing priorities” with Standard were the driver for the change. Standard had been part of the panel since the launch of Mercer […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Back in the 80s Simon Odoni was an insurance broker in St Albans with big plans. Anyone else remember him?

  2. Pity the dear souls in the US of A are not so fastidious when it comes to their own boiler room scammers. Not a month goes by without a call from one of these cowboys. But then they are US nationals and bring in valuable foreign currency!

    Just like the BP Saga. I’ll bet if it were Exxon involved in the Gulf of Mexico, that the false claims would have been smartly stopped by the Federal Govt. I wonder how many US firms have been supplying Iran (probably via the CIA) while the US jumps up and down wanting to extradite some UK citizen who sold them an ice lolly.

  3. Silver Investment Capital – Make 10000% of your Liberty Reserve Investment in 48 hours
    Starter Package
    Investment: 500 – 10,000 USD
    Investment term: 48 Hours
    Interest: 5000% Guaranteed Profit, Principal Return
    Advanced Package
    Investment: 10,500 – 50,000 USD
    Investment term: 48 Hours
    Interest: 7000% Guaranteed Profit, Principal Return
    Premium Package
    Investment: 50,500 – 500,000 USD
    Investment term: 48 Hours
    Interest: 10000% Guaranteed Profit, Principal Return

    Guaranteed Profit
    http://www.silverinvestmentcapital.com

  4. Bitcoin Investment 2000% of your deposit after 1 hour
    We use various investment strategies and always diversify our investments.
    Diversification in trading is its most important part which minimizes the risks and generates larger profits.
    http://www.libertyreserveworking.com

Leave a comment