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Nine jailed in UK's biggest boiler room fraud
by Dylan Lobo on Jun 05, 2014 at 08:15
Two further convictions have been made in what is believed to be the largest boiler room fraud ever pursued by UK authorities.
The convictions at Southwark Crown Court, brings the number of individuals convicted in relation to the conspiracy to nine and follow an investigation by the Serious Fraud Office (SFO) launched in 2007.
According to the SFO, the operation was masterminded by 49-year-old Australian national Jeffrey Revell-Reade with a total of around £70 obtained fraudulently from UK investors.
The court heard Revell-Reade set up the scheme, under which sales entities operating from Madrid sold shares in US-listed companies on a fraudulent basis.
Investors in the companies bought shares that had restrictions on their resale for a 12 month period. When the investors came to sell the shares after the expiry of this period, they often found that they were unable to do so as they were worthless, and that the shares were in shell companies or companies that were not operating at all.
Anthony May, 58, who lived in Switzerland and then moved to Spain, was also found guilty of one count of conspiracy to defraud.
May administered the processing of shares distributed to investors and managed the finances of the conspiracy, using and managing off-shore bank accounts to distribute the funds obtained as part of the conspiracy.
The SFO also revealed six individuals were jailed for between three and seven years in May 2013 in relation to the same investigation. Reporting restrictions meant the SFO could not reveals these prior to today.
The six are:
Daniel Gooding, aged 39, Essex - seven-year sentence
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