Wealth Manager - the site for professional investment managers

Register for full access to Citywire’s Fund Manager database, news and analysis. Registration is free and only takes a minute.

Boiler room 'banker' ordered to pay £320k

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.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Investment Pulse: the highs and lows of 2014

Investment Pulse: the highs and lows of 2014

This week's Investment Pulse looks back at some of the biggest stories of the year as well as looking forward to 2015.

Play Inside ETFs: Why the US bull-run still has legs

Inside ETFs: Why the US bull-run still has legs

Global equities suffered a sharp sell-off in the third quarter but exchange traded fund investors are continuing to back the US to outperform in 2015

Play Paul Niven: I won't rip up the Foreign & Colonial Trust history book

Paul Niven: I won't rip up the Foreign & Colonial Trust history book

The newly appointed manager of the Foreign & Colonial trust talks about his plans for UK's oldest investment company.

Your Business: Cover Star Club

Manchester wealth firm hires Coutts director for London launch

Manchester wealth firm hires Coutts director for London launch

Former Coutts director Tony Robinson has joined Chartered Wealth Management to head the company’s newly opened London office.

Wealth Manager on Twitter