Tresaderns & Partners SL, Price Stone Group SL and Anderson McCormack SL (R v Jeffrey Revell-Reade, Anthony May and John Robert Manning)
The SFO, with the assistance of the City of London Police and overseas law enforcement partners investigated the affairs of Tresaderns & Partners SL, Price Stone Group SL and Anderson McCormack SL in what is believed to be one of the largest boiler room frauds ever pursued by a UK authority.
Jeffrey Revell-Reade, an Australian national, was convicted of one count of Conspiracy to Defraud in relation to the investigation. From 2003-2007, a total of around £70m was obtained fraudulently from UK investors under the Madrid-based scheme he masterminded.
Anthony May, who lived in Switzerland and then moved to Spain, was also found guilty of one count of Conspiracy to Defraud. Mr May administered the processing of shares distributed to investors and managed the finances of the conspiracy, using off-shore bank accounts to distribute the funds obtained as part of the conspiracy.
Mr Revell-Reade and a third defendant, John Robert Manning, from Leeds, were found not guilty of separate counts of corruption arising from the conduct of the fraud.
On 6 June 2014, Jeffery Revell-Reade and Anthony May were sentenced to a total of 17 years in prison.
Both convicted fraudsters attended a confiscation hearing on 19 April 2016 and were ordered to pay a total of around £11 million for their roles in the boiler room fraud.
Jeffrey Revell-Reade was sentenced to 9 years and 6 months in prison.
Anthony May was sentenced to 7 years and 6 months in prison.
Disqualification of Directors
Mr Revell-Reade was disqualified from being a director of a company for 12 years.
Mr May was disqualified from being a director of a company for 10 years.
Jeffrey Revell-Reade was ordered to pay a £10,751,000 confiscation order within three months or face an additional prison sentence in default of payment, of 10 years’ imprisonment.
On 10 April 2017 Jeffrey Revell-Reade made a successful application to the court pursuant to section 23 of the Proceeds of Crime Act 2002 which reduced the confiscation order to £7,535,802. The enforcement of the confiscation order is largely dependent on the realisation of the Defendant’s available assets and we have since pursued a default sentence of 4 years for failure to pay the order in full – this sentence was handed down on 26 June 2018 at Westminster Magistrates’ Court.
Anthony May was ordered to pay a £250,000 confiscation order within three months or face an additional prison sentence in default of payment, of 3 years’ imprisonment.
The Serious Fraud Office continues to pursue all enforcement avenues in order to retrieve the outstanding amount and compensate victims.
Tudalen wedi ei chyhoeddi ar 3 Meh 2016 | Tudalen wedi ei haddasu ar 9 Ion 2024