Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a746324

Boiler room fraudster in £4m scam receives four-year sentence

by Dylan Lobo on Apr 15, 2014 at 09:46

Boiler room fraudster in £4m scam receives four-year sentence

A boiler room fraudster has been sentenced for four and a half years for his part in a £4 million scam.

John Laurence Curtin was sentenced at Westminster Magistrates’ Court yesterday as one of five conspirators convicted for defrauding UK investors following an investigation by the Serious Fraud Office (SFO).

He was also sentenced to nine months’ imprisonment for breaching the general prohibition in the Financial Services & Markets Act 2000 for dealing, arranging and advising on investments without authorisation between 2005 and 2007. The two sentences will run concurrently.

Curtin’s sentence was reduced to three years following a 30% discount for offering an early plea.

Curtin sold fraudulent company shares to UK investors at inflated prices through the company he managed called Secure Trade and Title, first in Barcelona then Limerick. He also trained new salesmen to call potential investors and accumulated over £4 million of investor money in a matter of months.

Curtin was the first defendant brought to prosecution by the SFO as part of its Secure Trade and Title case and was arrested in France in October 2013. He returned to the UK shortly afterwards and pleaded guilty in March this year

The SFO said the investors did not know their money was being siphoned off by the boiler rooms.

A statement from the SFO said: ‘Curtin was a salesman and manager involved in the fraudulent sale of company shares to British residents at vastly inflated prices. He did this by acting through unregulated businesses…selling worthless shares over the phone.

‘Investors had no idea that money of the money for the shares which they transferred into a UK Lloyd’s bank account, was not going to the company in which they had been encouraged to invest.’

2 comments so far. Why not have your say?

Philip Milton

Apr 15, 2014 at 10:07

Again, good news but sad so late and so much pain and loss could have been avoided had they acted when first aware - and advised - of the scams.

report this

I predict a riot

Apr 15, 2014 at 15:18

I notice his four and a half year sentence has been reduced to three years for pleading guilty early and he will be let out after having served half his sentence if that. Making it 18 months in prison, no doubt of the holiday camp variety, not a bad result for a 4 million pound fraud. Does anyone know of any useful guide to stating up a boiler room,

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:

Sponsored Video: Bringing it all back home


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

Investing for income in a changing environment


With talk on interest rates on the horizon, our latest roundtable debate covers income investing against a changing backdrop

On the road

Click here to find out more from the Audience Development team.

Read more...

How is regulation feeding the outsourcing trend?

on Jul 24, 2014 at 10:59

Sorry, this link is not
quite ready yet