05 June 2014
Two men have been convicted at Southwark Crown Court for their roles in what the Serious Fraud Office (SFO) states to be the largest boiler room fraud ever pursued by a UK authority.
Jeffrey Revell-Reade, 49, an Australian national was convicted of one count of conspiracy to defraud in relation to an investigation launched by the SFO in 2007. From 2003-2007, a total of around £70m was obtained fraudulently from UK investors under a boiler room fraud scheme he masterminded.
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.
SFO Director David Green CB QC said: ‘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.
‘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.’
Their convictions bring the total number of individuals convicted in relation to this conspiracy to nine.