View the article online at http://citywire.co.uk/new-model-adviser/article/a658446
SFO secures £64k redress from dead fraudster’s estate
by Alex Steger on Feb 12, 2013 at 15:44
The Serious Fraud Office (SFO) has secured a High Court victory meaning the estate of a now-deceased fraudster must surrender £64,000 he gained through a bio-diesel scam.
In September 2011 Redmond Johnson pleaded guilty to his part in a boiler room fraud which pressured investors into buying shares in a bio-diesel company called Worldwide Bio Refineries, netting £8 million.
Johnson, who was 66 at the time, was sentenced to three years in prison in exchange for giving evidence for the prosecution.
His six co-defendants were sentenced to a combined 37 years.
On the day of his confiscation hearing Johnson was taken ill and died shortly afterwards, consequently no compensation order was made by the court.
SFO investigators linked much of Mr Johnson’s estate to his fraudulent activities, and pursued his criminal gains under the Proceeds of Crime Act 2002.
The compensation paid out from the £64,000 will be distributed to over 475 victims and range from a few pounds to several hundred pounds.
The £64,000 will be in addition to any sums recovered from Johnson’s co-conspirators. Compensation proceedings against them are ongoing.
News sponsored by:
As the UK coalition government strives to rebalance the national economy, so called 'reshoring' looks set to play an increasingly important role in economic recovery.
Today's top headlines
Alastair Mundy met Citywire's Daniel Grote at the London Stock Exchange Studios for a detailed interview about the Investec Cautious Managed fund.
More about this article:
by Jun Merrett on Jul 22, 2014 at 14:38