On 22 April 2022, four defendants were convicted of offences of fraud and money laundering relating to the operation of a boiler room fraud in which over 800 investors were persuaded to invest in a property investment scheme. Those operating the scheme claimed to be purchasing residential properties in the London and Essex area which were to be refurbished and then re-sold at a profit, with promises of significant returns to investors. In reality, only one property was ever purchased during the 2-year period of the fraud. Investors were defrauded out of more than £13 million.
The convictions follow a 2 1/2 month trial at Southwark Crown Court prosecuted by Paul and Ben. The defendants will be sentenced in July and confiscation proceedings has been commenced.
Coverage can be found below: