Other Citywire websites
Stay connected:

View the article online at http://citywire.co.uk/new-model-adviser/article/a644252

Boiler room launderer ordered to pay £320k

by Michelle Abrego on Dec 07, 2012 at 16:13

Boiler room launderer ordered to pay £320k

A man has been ordered to pay £320,882 by Southwark Crown Court for his role in a boiler room share scam.

Michael McInerney acted as a banker for fraudulent share sales orchestrated by jailed boiler room operators Tomas, Kevin and Christopher Wilmot, according to the Financial Services Authority

The sum is to be paid by McInerney in six months and will be used toward the compensation fund for the 1,700 investors that were defrauded out of £27.5 million by the scheme.

The Wilmots controlled the syndicate and were jailed in August 2011 for 19 years.They enlisted McInerney to put distance between themselves and the money, the FSA said.

McInerney opened bank accounts for three different companies including Rock Solid Asset Management, Worldwide Assets Limited and Universal Management Services, which were purportedly for property management purposes. However,they were actually set up with the sole purpose of receiving the proceeds of boiler room fraud.

Tracey McDermott (pictured), the FSA’s director of enforcement and financial crime, said: ‘McInerney played a key role in this complex and elaborate scam, helping the Wilmots launder investors’ money by sending it overseas. 

‘It is only fair that his assets should now be used to provide defrauded investors with some compensation for their losses.’

2 comments so far. Why not have your say?

david 1

Dec 10, 2012 at 08:52

At the very least he should pay the money, what about a jail term!

report this

Adam Smith

Dec 10, 2012 at 09:50

@ David - what about the four and a half years he's doing already, or the three and a half year default sentence if he doesn't pay within six months? Do keep up, dear chap...

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.

Read more...

Hard acts: do fund managers suffer the Moyes effect?

by Daniel Grote on Apr 24, 2014 at 10:04

Sorry, this link is not
quite ready yet