Boiler room fraudsters ordered to pay £11m redress

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Two convicted fraudsters have been ordered to pay £11m in one of the largest boiler room cases to be prosecuted by the UK authorities.

Australian national Jeffrey Revell-Reade was ordered to pay a £10,751,000 confiscation order and Londoner Anthony May was ordered to pay £250,000.

The duo is well known for their lavish lifestyle having masterminded a scam which led British investors to buy £70m of worthless shares between 2003 and 2007.

The pair sold shares in US-listed companies from Madrid after their expiry period as well as placing orders in shell companies or companies not operating at all.

In 2014 Revell-Reade and May were jailed for nine years and six months and seven years six months respectively for conspiracy to defraud.

Their convictions were also linked to seven other individuals, who have been convicted and sentenced after a seven-year investigation by the Serious Fraud Office.

SFO head of the proceeds of crime division Mark Thompson says: “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.”

Revell-Reade and May will have three months to pay the order or they’ll face a 10 and three-year prison sentence respectively. If paid, the total sum will be returned to the victims in the case.