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£70m boiler room scam masterminds ordered to pay £11m compensation

Published 19/04/2016

The money should be paid back to those who were victims of the scam, the judge said
The money should be paid back to those who were victims of the scam, the judge said

The masterminds behind what is thought to be Britain's biggest "boiler room" scam have been ordered by the Serious Fraud Office (SFO) to pay £11 million in compensation for tricking British investors out of more than £70 million.

At a hearing in Southwark Crown Court, Australian Jeffrey Revell-Reade, 51, was ordered to pay a £10.7 million confiscation order, while Anthony May, 60, was ordered to pay £250,000, a spokesman for the SFO said.

The duo ran a number of fake stockbroking firms out of Spain, selling shares in US companies. However, when investors came to sell the shares, many found they were unable to as they were worthless, having been placed in shell companies or in firms that did not exist.

Revell-Reade and May were convicted in 2014 and are currently serving sentences of eight-and-a-half years and seven years, four months respectively. If they fail to pay the orders, they face additional prison time - 10 years for Revell-Reade and three years for May.

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."

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

It was ordered that the sums paid towards the confiscation orders are returned to the victims in the case.

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