Two convicted fraudsters returned to prison

4 Chwefror, 2016 | Eitemau newyddion

Shinder Gangar and Alan White convicted of fraud offences in an SFO prosecution were sent back to prison today for failure to pay their confiscation orders.

Gangar, 54 a former accountant from Leicester was sentenced to six years and his co-conspirator Alan White, 57 of Nottingham, to three and a half years imprisonment for non-payment in this case. Gangar and White were both found guilty in February 2008 of a number of offences arising from the Ponzi fraud they operated and were sentenced in April the same year to seven years’ and six months’ imprisonment. They were convicted of conspiracy to defraud offences and conspiring to corrupt an American official.

In June 2010 Gangar was ordered to pay a £2,289,074.03 confiscation order, for his involvement in a Ponzi in which fraud which was promoted through Dobb White and Co, a firm based in the Midlands.

The fraudsters targeted UK and American investors who lost over $200m. Commenting on today’s hearing Mark Thompson Head of the Proceeds of the Crime Division at the SFO said:

“The criminals have had ample opportunity to pay the order and broke several promises they gave to the court. The activation of their default sentences should serve as a warning to others of the consequences of failing to comply with confiscation orders.”

Gangar and White were partners in Dobb White and Co a firm of accountants, through which they marketed investment opportunities. There was no underlying trading in investments and thus the fraud depended on the constant adding of new victims’ funds to finance the payments of “interest” to the existing victims. Clients’ money was instead syphoned away including to provide unsecured loans to acquaintances; to purchase properties and spend on speculative investment schemes.

The defendants who were based in the Midlands targeted investors in the UK and the USA. Together the victims lost over $200 million. In order to give the investment credibility, clients were told by the defendants that famous names such as Lord Andrew Lloyd-Webber and Sir David Frost were investors in the scheme. These were lies and neither had any idea that their names had been used in this way.

Notes to editors:

1. Shinder Gangar and Alan White were charged in October 2005, found guilty by the jury in February 2008 and sentenced to seven and a half years imprisonment conspiracy to defraud and conspiracy to corrupt offences at Sheffield Crown Court in April 2008.

2. The confiscation orders made against Shinder Gangar and Alan White were originally set at £2,750,000 and £1,200,000 on 2 July 2010 respectively. These amounts were reduced on appeal to £2,289,974.03 and £686,996.81 on 21 June 2012. The Court of Appeal declined to give the Defendants further time to pay the orders and they should have been satisfied by the 27th of January 2012. The default prison sentence set for failure to pay these orders within the set time was six years (for Gangar) and three years and six months imprisonment (for White).

3. To date Shinder Gangar has paid £67,712.11 and Alan White has paid £145,208.12 towards their confiscation orders.

4. Shinder Gangar and Alan White sought leave to appeal their convictions. This was refused on 7 July 2009.

5. Sheena Cassidy of 3 Paper Buildings was instructed by the SFO in proceedings today.

6. At trial prosecution witnesses included Lord Andrew Lloyd-Webber and Sir David Frost.