View more on these topics

Seven jailed for £8m boiler room fraud

Seven men found guilty of an £8m boiler room fraud were sentenced to a total of 40 years at Ipswich Crown Court last week.

The Spanish-based operation targeted thousands of investors in the UK through high-pressure telesales techniques to push shares in Worldwide Bio Refineries, a bio-diesel investment company.

WBR had a processing plant in County Durham that purported to produce diesel fuel from vegetable matter. It also had a plant in Singapore producing diesel intended to be marketed in the UK.

WBR directors Dennis Potter, who was based in Singapore, and Redmond Charles Johnson, who was based in Tyne and Wear, both received jail sentences.
Potter was sentenced to seven years in prison, while Johnson, who pleaded guilty and offered to assist in the investigation under the Sopca agreement, has been sentenced to three years.

Both have been banned from acting as company directors for 12 years.

Boiler room operatives Steven Murphy and Greg Pearson, who were both based in Marbella, have been sentenced to six years imprisonment. Paul Murphy and Lee Homan, both based in Hertfordshire, were sentenced to six years and five years and six months respectively.

Peter Bibby, of South London, absconded and was tried and sentenced in absentia to six years imprisonment. The court has issued a warrant for his arrest.

In passing sentence, Judge Overbury of the High Court said: “This was a well planned, sophisticated and well executed fraud dressed up in the language of legitimate business.”

Recommended

B&CE aiming to offer low-cost rival to Nest

B&CE is preparing to rival Nest with a low-cost pension offering targeting low to moderate earners ahead of automatic-enrolment. The firm offers workplace pensions to 1.6 million employees in the construction industry. B&CE will unveil its Nest alternative in November, which will be available to everyone, regardless of sector. It has not yet disclosed the […]

FundsNetwork launches discretionary service

Fidelity FundsNetwork has launched a third party discretionary management service for advisers in partnership with Vestra Wealth. The service has been launched following demand from advisers for discretionary management of client assets on the platform. FundsNetwork head David White says: “Advisers continue to look for new and innovative ways to support their customers and ensure […]

No action against BNY and HSBC on Arch cru but Capita still waits

The FSA says no disciplinary action will be taken against BNY Mellon Trust & Depositary and HSBC Bank over Arch cru but it is yet to determine whether Capita Financial Managers should be held legally responsible for investors’ losses. The regulator wrote to Regulatory Legal last week in response to the law firm’s request for […]

J O Hambro eyes China consumer in new funds

J O Hambro Capital Management has launched the Asia ex Japan and Asia small and mid cap fund with an overweight to China, as manager Samit Mehta is unconcerned about growth issues for the country. The Asia ex Japan will sit in the JOHCM’s Dublin range. The funds will be managed by Samit Mehta and […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment