Two fraudsters who orchestrated a boiler room were ordered today to pay £11 million compensation to their victims.
Jeffrey Revell-Reade and Anthony May were convicted of conspiracy to defraud in 2014. Revell-Reade, 49, was sentenced to nine and a half years and May, 58, got a seven and a half year sentence.
At Southwark Crown Court today Revell-Reade received a £10.8 million confiscation order. May was handed a £250,000 order.
If they fail to pay the money due to the victims of the scheme within three months both men will have their prison sentences extended.
Revell-Reade and May sold shares in US-listed companies from Madrid. Once the shares expired and investors tried to sell them they found they were worthless because they were either held in shell companies or non-operational companies.
Their convictions were linked to seven other individuals who were successfully prosecuted by the Serious Fraud Office (SFO).
Mark Thompson, head of the SFO’s proceeds of crime division, said the seven year investigation into the pair uncovered how they had spent the money on luxuries including wines and a yacht.
‘These individuals benefited substantially from their crimes. Their lavish lifestyles featured numerous overseas properties, wine collections and a luxury yacht,’ he said.
‘We welcome these orders which the pair now need to pay or face a further period of imprisonment.’