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Fraudsters ordered to pay £11 million in large boiler room case

19 April, 2016 | News Releases

Convicted fraudsters Jeffrey Revell-Reade and Anthony May were today ordered to pay a total of £11, 001,000 in compensation, at Southwark Crown Court.

At a hearing overseen by HHJ Gledhill QC, Jeffrey Revell-Reade, 51, an Australian national, was ordered to pay a £10,751,000 confiscation order and Anthony May, 60, was ordered to pay a £250,000 confiscation order.

Both men are serving sentences for what is believed to be one of the largest boiler room fraud schemes ever pursued by a UK authority. The pair sold shares in US-listed companies from Madrid – when investors came to sell the shares after the expiry period, many found they were unable to as they were worthless, either placed in shell companies or companies not operating at all.

Their convictions were linked to seven other individuals, also convicted and sentenced following a seven year investigation by the SFO.

Mark Thompson, Head of the SFO’s Proceeds of Crime division said:

“These individuals benefited substantially from their crimes. Their lavish lifestyles featured numerous overseas properties, wine collections and a luxury yacht. We welcome these orders which the pair now need to pay or face a further period of imprisonment.”

Both men were given three months each to pay the orders or face an additional prison sentence in default of payment – 10 years’ imprisonment for Revell-Reade and 3 years’ imprisonment for May. It was ordered that the sums paid towards the confiscation orders are to be returned to the victims in the case.

Notes to Editors:

  1. In June 2014 Revell-Reade, the mastermind of the fraud, was sentenced to a further 8 years and 6 months in prison (having already served the equivalent of a year in prison overseas whilst contesting extradition).  Anthony May was sentenced to 7 years and 4 months in prison. For background on the convictions and the sentences.
  2. The Serious Fraud Office was represented by Simon Farrell QC and Penelope Small.

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