Citywire for Financial Professionals
Stay connected:

View the article online at http://citywire.co.uk/money/article/a603944

'Lord of Fraud’ jailed for £5m boiler room scam

Four fraudsters who masterminded a £5 million boiler room fraud have been handed a combined 20 year jail sentence.

 
'Lord of Fraud’ jailed for £5m boiler room scam

A career criminal dubbed ‘the Lord of Fraud’ who swindled hundreds of pensioners out of over £5 million has been jailed for seven years for running a boiler room scam.

Self-styled Lord Hugh Rodley, who is already serving an eight-year sentence for plotting to steal £229million from Japan’s Sumitomo Mitsui Banking Corporation, was given a further jail sentence for his part in a boiler room scam between 2004 and 2007.

Rodley, of Church End near Tewkesbury, Gloucestershire, who bought his title in 1986 at auction, was sentenced at Southwark crown court alongside Julian Silver, 43; Adam Corbett, 31; Sonny Willis, 28 and Phillip Dennett, 41, to a combined 20 year sentence.

The men were sentenced yesterday, after being convicted of conning at least 600 investors out around £5 million.

City of London Police said the gang had pressured people into buying worthless shares in a clone company of World Aqua Tech International, along with the European Land Development Agency, Art IT and Mediatel.

Matt Bradford from 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.'

'It took 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.'

9 comments so far. Why not have your say?

Jeremy Bosk

Jul 12, 2012 at 16:48

Old people have to regularly resit their driving test to ensure that their physical and mental health has not deteriorated to the point where they are a danger to themselves and others. Perhaps this should be extended to a general mental fitness test? The worst thing about going gaga is that many people are unaware of the process, Terry Pratchett notwithstanding.

To ward off the accusations of being patronising, I took part in some clinical research a couple of weeks ago which tested me for just that!

Since a very high proportion of the under 65's should not be let out on their own, I have no objection to extending such tests right down the age range.

report this

terence radley

Jul 12, 2012 at 16:58

Tony Orth did me so I admit to being gullible,but not senile!

report this

Graham D-C

Jul 12, 2012 at 17:37

Another classic case in which crime does pay. £5m for 8 years before parole from prison,, nice one. but not for the poor souls who got swindled. No mention of seizing all the criminals assets,if none found then a minimum 15 years each in prison would fit the bill.

report this

White Stick follower

Jul 12, 2012 at 17:59

There is nothing, following conviction, to stop the police filing a POCA case. Legitimately acquired assets, provided that a debt can be proved, can be forfeited as substitutes for illicit proceeds. A criminal life style shouldn't be difficult to prove given the commentary above.

report this

Dimitrios Philippelis

Jul 12, 2012 at 20:25

U.K. police has done a good job.

Crooks should feel unsafe and know that be in jail if they do not abide by the laws in the whole EU area.

The LIBOR manipulation scam shows that corruption is still alive and strict fighting meausres must be taken.

report this

Thoughtfull

Jul 12, 2012 at 22:27

It is far from the only elderly that can be scammed. I was before the big bang, but only for a grand. At the time I was on top of the game, a Professional Eng & Manager travelling all over. But the tale was the oldest of all - greed is the most saleable commodity to those not prepared to step back and think.

I am now elderly and have a touch of dimentia. I often get phone calls from Indian/Pakistanies telling me that my computer has a serious fault that Norton /whatever security provider/ can not fix. They want to gain access to clear out bank a/c etc. I take great pleasure in keeping them talking as long as possible with tales such as my mam is not at home and my grand dad is the only one who can turn my computer on or I can not turn it on and talk to them because it is upstairs and the phone cable is not long enough. The longest that I have managed to date is 40 minutes: tommorrow I may break the record.

The moral is that we must all learn the lesson well known in Yorkshire: if thah givs out for nowt then giv it ta thesen. In other words do not expect anyone to give you anything for nothing. That we allow some elderly folk to get into a position where they forget such a simple maxim is a shame on all their relatives and old 'friends'.

report this

Jeremy Bosk

Jul 12, 2012 at 22:46

Thoughtfull

You are still a lot more compos mentis than most contributors here:-)

Unfortunately as we get older our relatives and friends die, move to the other end of the country or just go gaga before us.

report this

Franco

Jul 13, 2012 at 01:07

Jeremy Bosk, you mean you passed the test?

report this

Franco

Jul 13, 2012 at 01:07

Jeremy Bosk, you mean you passed the test?

report this

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

The Citywire guide to investment trusts

In association with Aberdeen Asset Management

Fund managers from Standard Life Investments quizzed on investment trusts


What can SLI bring to the table for those who want to put their money into investment trusts?

Today's articles

Tools from Citywire Money

From the Forums

+ Start a new discussion

Weekly email from The Lolly

Get simple, easy ways to make more from your money. Just enter your email address below

An error occured while subscribing your email. Please try again later.

Thank you for registering for your weekly newsletter from The Lolly.

Keep an eye out for us in your inbox, and please add noreply@emails.citywire.co.uk to your safe senders list so we don't get junked.

Read more...

Where do retail bonds fit in my portfolio?

by Jennifer Hill on Jul 30, 2014 at 07:00

Sorry, this link is not
quite ready yet