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Expats warned to protect their savings as boiler room scammers are jailed
| Published: | 13 Jun at 6 PM |
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The two masterminds behind one of the biggest ever boiler room scams have been jailed for ripping off £millions from unwary investors. Jeffrey Revell-Reade and Anthony May were found guilty in a London court of conspiracy to defraud over a thousand investors.
The total sum lost was estimated at around 70 million sterling, and sentences of eight and seven years respectively were handed down by the judge. The pair, based in Spain, ran a team of telephone salesmen targeting British pensioners using high-pressure sales techniques. Repeated, extended phone calls, non-existent special deals, one-time-only discounts, intimidation and even threats were used to part victims from their money.
The arrest and trial of Revell-Reade and Anthony May came as the result of a seven year investigation by the UK’s Serious Fraud Squad along with detectives in Hong Kong, Australia and Switzerland. Six of the pair’s employees were tried and convicted earlier this year.
The prosecution stated that Revell-Reade pocketed 35 per cent of the profits, spending it on a luxury lifestyle including villas in Spain and Australia, homes in London and Austria, chartered private planes and yachts and expensive cars. Many of his victims were left penniless, and the largest amount lost by a single investor was £600,000.
Boiler rooms are illegal across all expat destinations, but continue to thrive in spite of continuing scandals. A recent crackdown in Bangkok, traditionally a hub for financial fraudsters, sent many scurrying to Spain to start up again, and authorities are again issuing warnings to expats to beware of cold-calling from persons representing themselves financial advisors and offering worthless shares.
The total sum lost was estimated at around 70 million sterling, and sentences of eight and seven years respectively were handed down by the judge. The pair, based in Spain, ran a team of telephone salesmen targeting British pensioners using high-pressure sales techniques. Repeated, extended phone calls, non-existent special deals, one-time-only discounts, intimidation and even threats were used to part victims from their money.
The arrest and trial of Revell-Reade and Anthony May came as the result of a seven year investigation by the UK’s Serious Fraud Squad along with detectives in Hong Kong, Australia and Switzerland. Six of the pair’s employees were tried and convicted earlier this year.
The prosecution stated that Revell-Reade pocketed 35 per cent of the profits, spending it on a luxury lifestyle including villas in Spain and Australia, homes in London and Austria, chartered private planes and yachts and expensive cars. Many of his victims were left penniless, and the largest amount lost by a single investor was £600,000.
Boiler rooms are illegal across all expat destinations, but continue to thrive in spite of continuing scandals. A recent crackdown in Bangkok, traditionally a hub for financial fraudsters, sent many scurrying to Spain to start up again, and authorities are again issuing warnings to expats to beware of cold-calling from persons representing themselves financial advisors and offering worthless shares.
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