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Boiler room 'banker' ordered to pay £320k

by Sarah Miloudi on Dec 07, 2012 at 16:28

Boiler room 'banker' ordered to pay £320k

Michael McInerney has been ordered to pay £320,882 for his role in a major boiler room share scam.

The order was made at Southwark Crown Court  where it was heard McInerney acted as a banker for fraudulent share sales made by jailed boiler room operators Tomas, Kevin and Christopher Wilmot.

The Wilmots controlled a syndicate which defrauded roughly 1,700 investors out of £27.5 million. The group was jailed last August for a total of 19 years.

The court heard that in order to put some distance between themselves and the money, the Wilmots enlisted McInerney. McInerney to open bank accounts for three different companies  - Rock Solid Asset Management, Worldwide Assets Limited and Universal Management Services.

These companies were set up seemingly for property management but in reality they were established to collect the proceeds of boiler room fraud.

Earlier today at Southwark Crown Court  a confiscation order was made for the sum of £320,882, to be paid within six months or serve a further three and a half  years in prison in default of payment.

The court said the funds should be used to compensate the victims of the Wilmot fraud.

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