You are here: Home - Investing -

Five fraudsters jailed for multi-million pound boiler room fraud

0
Written by:
12/07/2012
A criminal gang behind a multi-million pound boiler room fraud targeted vulnerable people over the phone, in their local pubs and even pitched up at an England cricket match.
Five fraudsters jailed for multi-million pound boiler room fraud

The criminals, named below, were jailed at Southwark Crown Court today for a total of 20 years. The men were convicted of running an operation that conned at least 600 investors out of approximately £5m..

City of London Police uncovered the network of ‘investment brokers’ pressurising people into buying worthless shares in a clone company of World Aqua Tech International, along with European Land Development Agency, Art IT and Mediatel.

DI Matt Bradford, from the City of London Police said: “This gang went to great lengths to secure a deal, bombarding hundreds of elderly and vulnerable people with phone calls and even turning up at an England cricket match in the pursuit of peddling yet more of their worthless shares.

Investors were told the companies were about to float on the stock market, guaranteeing them a substantial return on their money.

Victims then received a contract note, detailing the number and price of shares they had agreed to purchase and information about how they should make their payment. Once the money had been transferred all communication ended.

One investor who was directly approached at Lords cricket ground ended up losing £1m, with fraudsters going as far as collecting cheques from him in person.

DI Bradford added: “It took a forensic investigation to unravel the networks and systems that facilitated this fraud and expose the men responsible, with the result sending out a clear warning to anyone thinking of setting up their own boiler room fraud in the UK.”

• Hugh Rodley, 65, from Tewkesbury, Gloucestershire, was convicted of two counts of conspiracy to defraud and money laundering and was sentenced to seven years.

• Phillip Dennett, 41, from Warrington, Cheshire, was convicted of money laundering and found not guilty of conspiracy to defraud was sentenced to 12 months.

• Julian Silver, 43, from Kent, was convicted of conspiracy to defraud and money laundering and was sentenced to four years.

• Sonny Willis, 28, from Essex, was convicted of conspiracy to defraud and money laundering and was sentenced to five years.

• Adam Corbett (pictured), 31, from Camberley, Surrey, was convicted of money laundering and conspiracy to defraud and was sentenced to three years.

Tagged:

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

YourMoney.com Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
2191171-one-pound-coins
Gilt yields fall to new record low

The yield on UK gilts has fallen to a new record low during trading today, as demand for safe havens...

Close