A group of eight men were sentenced last week at Southwark Crown Court for their roles in a £700,000 boiler room fraud.
According to the City of London Police, the eight helped to defraud 73 people out of various sums of money, totalling around £700,000, between November 2009 and August 2010.
Those targeted by the fraud were offered non-existent stock market shares in real European companies at a discounted price and sought after shares that were not available for purchase by the general public. They were also apparently led to believe that they were dealing with genuine UK organisations, operating in accordance with and approved by the then Financial Services Authority.
Of the eight, only one was found guilty of conspiracy to defraud. According to City of London Police, Levi Coyle was found to be responsible for collecting the money from other gang members and sending it to the people who actually ran the boiler room. He was found guilty in his absence of both conspiracy to defraud and money laundering and was sentenced to six years imprisonment.
The remaining seven members of the gang received sentences for money laundering offences ranging from an eight month sentence suspended for two years and 150 hours unpaid work, to three years imprisonment.
While the money laundering offences committed in this case seem to be of a more deliberate nature, we have seen that even the most experienced, prudent professional or businessperson can unwittingly become a conduit for money laundering.
The provisions of the Proceeds of Crime Act 2002 and the Serious Organised Crime and Police Act 2005 have extended these situations, and HMRC have increasingly draconian anti-money laundering requirements that if not met can result in penalties and prosecution. This is very important, as it can affect your liberty (if a criminal prosecution follows), your professional/business reputation and your financial situation.
Contact Lewis Nedas’ Criminal Lawyers in London
If you have been charged in connection with a boiler room fraud or money laundering offence and require specialist legal advice, please contact our solicitors Jeffrey Lewis or Siobhain Egan on 020 7387 2032 or complete our online enquiry form here.
This blog post is intended as a news item only - no connection between Lewis Nedas and the parties concerned is intended or implied.
