Following a trial at Southwark Crown Court, two Defendants were convicted of Conspiracy to Defraud and Money Laundering. Following an earlier guilty plea the three Defendants were between them sentenced to a total of 14 years’ imprisonment.
The case related to fraudulent activity of a purported alternative coloured diamond investment business. For a total period of c.18m a Boiler Room was setup from rented City premises with prestige accommodation address facilities at the Stock Exchange building, along with glossy colour brochures and a website. The Victims were unsuspecting, often vulnerable but wealthy members of the public. Those coloured diamonds either did not exist, or in the case of the only diamond that was actually supplied, was of very limited value. The most vulnerable of the investors were subjected to additional pressure and deception to encourage further fraudulent investment, and were effectively “milked”.
The case received national media attention: http://www.dailymail.co.uk/news/article-6031121/Fraudsters-raked-600-000-tricking-old-vulnerable-victims-buying-non-existent-diamonds.html
Mark Seymour was instructed by Catherine Gould of the CPS Special Casework Unit of the Crown Prosecution Service.