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A former director of an investment firm, Imperial Consolidated Group, which managed over £250 million of investors' funds, was sentenced at Blackfriars Crown Court today for his part in a global fraud conspiracy. William "Bill" Godley, who admitted his involvement and whose extravagance with investors' money was "unbelievable" was sentenced to 3 ½ years' imprisonment.
Director, Richard Alderman, in his letter to the Attorney General on the SFO's progress in the year 2009-10, reported that the SFO case-load averaged 86 last year. When he was appointed it was working on 65 cases. During the year 13 cases (involving around £33.
Two men were sentenced at Ipswich Crown Court today for running an illegal high pressure, share-pushing operation from call centres in Spain. Around 1,250 investors in the UK were persuaded to buy over £7 million worth of shares. Using their "Gordon Gekko" contract notes to complete the transactions, the fraudsters siphoned off around 80% of the invested funds.
At Blackfriars Crown Court today reporting restrictions were lifted on the plea of guilty by former Imperial Consolidated Group ("Imperial") director William ("Bill") Godley for his role in a conspiracy to defraud investors. Two other defendants, former Imperial directors Jared Bentley Brook and Lincoln Julian Fraser, were today acquitted by direction of the Honourable Mrs Justice Gloster.
Today Virendra Rastogi, who is already serving a nine and a half year sentence after being convicted of fraud in 2008, has been ordered to pay £30 million which will be used to compensate victims. HHJ Judge Wadsworth QC made the order today at Southwark Crown Court after a three and a half day hearing.
Two men appeared at City of London Magistrates Court today charged with offences of conspiracy to defraud relating to the use of falsified bank documents to obtain a bank loan of 22 million euros. It is alleged that they conspired to induce EFG Bank to believe that there was on deposit at Bank Julius Baer in Guernsey a substantial sum as security for the loan.
Three people were jailed today, and another given a suspended sentence for their roles in a contract rigging ring involving training and skills education operated through the Learning Skills Council ("LSC"). Three of the defendants worked for the Shropshire office of the LSC, which awarded contracts to local training providers.
The Serious Fraud Office is part of an international initiative to illustrate to the public how mass marketing fraudsters ruin the lives of hard working people and how to avoid being a victim. In a campaign entitled "The truth is….don't be a victim", the SFO is advising how to stop fraudsters ruining lives.
On Friday 28 May, at Southwark Crown Court, Nigel Thorne was ordered to repay nearly £200,000 after HHJ Beddoe ruled that his family had received money from the Ken Thorne Group ("KTG") of companies which amounted to gifts. The confiscation hearing followed his conviction for deception in relation to fraudulently obtaining payments for car sales at the KTG of companies prior to its collapse.
Convicted fraudster Kevin Foster was today jailed for ten years for running an unauthorised investment business and for stealing investors' funds through his £34 million KF Concept scheme. Fifty-two year old Kevin Foster, who devised and ran a wholly dishonest scheme that during its operation attracted £34 million from investors over an approximate three year period, was found guilty at Harrow Crown Court on 9 March 2010.
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