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View the article online at http://citywire.co.uk/wealth-manager/article/a754830

Nine jailed in UK's biggest boiler room fraud

by Dylan Lobo on Jun 05, 2014 at 08:15

Shaun David Rumsey, aged 33, Essex - five-year sentence

Philip Morris, aged 38, Kent - five-year sentence

Jon Steven Frank Emery, aged 36, Essex - five-year sentence

Ian Hughes, aged 34, Essex - four-year sentence

Emma Farmer, aged 41, Essex - three-year sentence

SFO Director David Green CB QC said in a statement: 'Over 1000 UK investors were defrauded by these criminals, who caused substantial financial damage and hardship.  The victims were deliberately charmed, lied to and bullied, whatever it took to make them send their money to these criminals.

'The profits from this fraudulent scheme were used to fund lavish lifestyles featuring numerous overseas properties, wine collections, luxury yachts and private jet hire.'  

He added: 'The convictions mark the culmination of seven years hard work by a dedicated team of investigators, lawyers and accountants at the SFO, and close work with other agencies.

'This case illustrates that key attributes required in an SFO investigation are determination and persistence, qualities necessary to follow the complex money flows and elaborate company structures in numerous jurisdictions.'

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1 comment so far. Why not have your say?

Philip Milton

Jun 05, 2014 at 09:52

It is great these people have been jailed and I hope assets removed in total. However, it is really sad that so many innocent (and often vulnerable) people and their families continued to have their lives ruined in so many instances because action was not taken immediately the frauds were being reported - as we did from the very earliest stages. Saving these people from the pain and grief caused to them after the frauds were known would have been far more important than prosecuting the perpetrators.

The criminal laws at the time, let alone the civil ones, should have allowed the authorities that be to have acted immediately to close-down these operations and all happening right under the noses of the same European authorities which inflict so much regulatory angst against legitimate, law-abiding firms too.

Even now, national police authorities and governments are not doing enough to stamp-down on the ongoing internet scams and frauds which happen every day whereby a 'default' notice could stop most of that immediately.

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