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Seven men found guilty of £8m investment fraud

Seven men have been convicted at Ipswich Crown Court for their role in an £8m boiler room fraud.

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

The defendants are to be sentenced on September 23 and are remanded in custody.

WBR was formed in 2003. It had a processing plant in Co. Durham that was purported to produce diesel fuel from vegetable matter. It also had a plant in Singapore producing diesel intended to be marketed in the UK.

Dennis Potter who lived in Singapore was found guilty of conspiring to defraud investors in the company, his fellow company director Raymond Charles Johnson pleaded guilty to the same offence. Five others were found guilty of being conspirators in the fraud, they are Steven Paul Murphy, Greg Pearson, Paul Daniel Murphy and Lee Eliot Homan. Peter Bibby, who was based in south London, absconded before the trial and there is a warrant out for his arrest.

SFO director Richard Alderman says: “”This is an excellent result. Not only do boiler-room fraudsters prey on vulnerable people, they also deprive genuine businesses of the capital they need to grow. Quite bluntly, they ruin lives. I am delighted that the SFO is playing its part in tracking down operations like these and bringing fraudsters to book.”



FSA fines Rockingham £35,000

The FSA has fined Rockingham Independent Limited £35,000 and imposed partial bans on its directors Stephen Hunt and Jonathan Edwards and adviser Gary Forster. The regulator found a number of failures at the firm resulting in 426 customers near or at retirement age being potentially exposed to the risk of receiving unsuitable investment advice. In […]

Cementing a partnership

Transparent: adjective; 1: easily seen through; 2: evident, obvious; 3: easily understood, frank, open. Relate that to the accusations that have been levelled at our industry over hidden costs, kickbacks and misselling and you would argue that as an industry we fail to deliver transparency. Transparency is becoming one of the demands of consumers. Rather […]


Advertising Standards Authority rejects MAS “free advice” complaints

The Advertising Standards Authority has rejected adviser complaints over the Money Advice Service’s controversial TV ad which claimed it offers free, independent advice. In July, Money Marketing revealed the ASA had launched a formal investigation after it received 80 complaints. The ad began airing in June and included a voiceover claiming: “Our advice is independent […]

Out of context

“Your doggy bags contain full details of the latest CII survey, and no champagne.” Charter Insurance Institute director of policy and public affairs David Thomson looks to emphasise the not-for profit nature of the organisation. “Sorry, I didn’t mean to be interesting…”New Council of Mortgage Lenders director general Paul Smee. “Well there aren’t really any […]

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Johnson Fleming set to host webinar on auditing auto-enrolment schemes

With 23 auto-enrolment compliance notices issued by the Pensions Regulator, and an evolving legislative landscape meaning previously compliant schemes may now be in breach of regulation, now is the time to think about auditing your auto-enrolment scheme. Johnson Fleming is hosting a webinar on 9 October at 11:00 on how to audit your scheme to ensure compliance, avoid breaches and fines and overcome data issues.


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

  1. Vunerable investors eh?
    Capitalists who moan when they loss money, greedy with disposable incomes.
    Who doesn’t get sales calls offering no loss deals, do the research!!
    Vulnerable or lazy with too much time on Thierry hands.
    No one held a gun to their heads!!
    Boiler room is a just current lazy tag the SFO used to class everyone they deem guilty!!!

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