Shinder Gangar and Alan White, former accountants, were given prison sentences today at Sheffield Crown Court for a high yield investment fraud promoted through their Dobb White & Co firm, based in the Midlands and for their part in a conspiracy to corrupt a US official.
In passing sentence the judge Mr Justice Langstaff said, 'this fraud was deeply corrosive and that the defendants obtained money from victims, that many of the victims could ill afford to part with, for instance money set aside for retirement funds.' He also said that the 'fraud was sophisticated as the defendants effectively ran a bank in the Caribbean as part of their fraud.' That, 'the defendants covered their gains by subterfuge by placing ownership of their homes in the hands of nominees.'
Gangar was described as having 'great ability and personal charm' and that 'he was aware from the mid-1990s that such investment schemes did not exist,' he was a 'plausible, effective salesman and advocate,' that 'it was a disappointment how he had 'chosen to use his talents.' Of his co-defendant White the judge said 'he was instinctively more careful and should have stopped the scheme,' that 'whereas Gangar was the salesman, White was the accountant and back room boy.'
SFO lawyer Kwadjo Adjepong said today, "This was a very challenging and complex case to prepare. It took careful and meticulous investigation. Hundreds of witnesses had to be interviewed and evidence was obtained from over ten overseas jurisdictions. This outcome demonstrates the effective combination of the expertise of SFO lawyers, investigators and Leicestershire Police. It is a significant step in assisting the victims of this fraud to obtain justice."
Sentences:
Shinder Singh Gangar [d.o.b. 21.08.61] and Alan White [d.o.b. 26.09.58]
Both received seven and a half years imprisonment in total:
Six years for conspiracy to defraud and,
Eighteen months for conspiracy to corrupt, (to be served consecutive to the other offence). In addition they were disqualified from being company directors for twelve years.
Please see the SFO press release dated 22 February 2008 for further details of the Press Release
Notes
- The SFO investigation was conducted in conjunction with Leicestershire Police Economic Crime Unit.
- The investigation followed referrals from the Devon and Cornwall constabulary and Financial Services Authority (FSA). Details of the FSA's own enforcement action against Mr Gangar and Mr White can obtained from the FSA press office, tel. 0207 066 3232.
- The SFO's confiscation proceedings are scheduled to take place on dates to be confirmed. Compensation proceedings and the payment of prosecution costs will be dealt with after confiscation. Any victims in the SFO case against Mr Gangar and Mr White seeking to recover money invested in the Dobb White/Vavasseur scheme should contact the liquidators in the US, DurretteBradshaw, or UK liquidators, Baker Tilly, who are co-ordinating the return of money to investors in the US and UK respectively. Any funds confiscated from Gangar and White in the UK are currently to be paid to Baker Tilly for distribution.
- Shinder Gangar and Alan White were charged in October 2005.
- On 12 June 2007 (two weeks before the start of trial) the defendants sacked their legal team and represented themselves at trial.
- The trial commenced on 3 July 2007 and was heard by Mr Justice Langstaff sitting at Birmingham Crown Court.
- At trial prosecution witnesses included: The FSA, employees of Dobb White & Co and Morris White, introducers used by White and Gangar, Dobb White clients who deposited funds, investment experts, Lord Andrew Lloyd-Webber, Sir David Frost, Nicholas Chance, (the Principal Private Secretary to HRH Prince Michael of Kent) Leicestershire Police, SFO investigators, Federal Reserve Bank, FBI and SEC.
- Terry Dowdell was transferred from his prison in Virginia USA to give evidence for the prosecution, in person, at the trial in Birmingham.
- High profile witnesses included: Sir David Frost, and Lord Andrew Lloyd Webber and Nicholas Chance who all gave evidence for the Prosecution.
- Upon conviction on 22 February 2008 the judge Mr Justice Langstaff said of the case prepared by the SFO, "I would like specifically to say something about the degree and care of preparation of the case for the Crown. It has struck me throughout as having been comprehensively, carefully and meticulously prepared ...It has not escaped my notice that parts of it have taken a very long time indeed to unravel, as the Crown would have put it, and those who have been involved in that deserve commendation and they have it."
- Prosecution Counsel are James Curtis QC, Martin Pinfold and Hanisha Patel.
Serious Fraud Office
Elm House,
10-16 Elm Street,
London WC1X 0BJ,
United Kingdom
Press Office tel: 020 7239 7001/7190
Main switchboard tel: 020 7239 7272
Mobile: 07818 076 688
Email: press.office@sfo.gov.uk
