While there is no denying that boiler room fraud can be a very serious matter that has a huge impact on the lives of the victims, it can be difficult for the authorities in the United Kingdom to gain a conviction. Many boiler room frauds are committed far away from the United Kingdom and while it is UK residents who are regularly on the receiving end of these frauds, it can be difficult to bring the criminals to justice.
This means that anytime there is an opportunity to bring criminals of this nature to justice, there will likely be a heavy punishment in store. The serious nature of this style of crime means that it is likely that a serious punishment will be placed on to the criminals involved but there is also a need to act as a deterrent. If the punishment is severe enough, many people will decide that this is not the sort of crime that they want to undertake.
Boiler room frauds can bring in a Lot of Money
In recent years, boiler room crime has developed a reputation as one that can bring about great results. It can be difficult cold-calling people, ask any professional who operates in this line of work for information about that, but sometimes all you need is one result and then you have made an awful lot of money. This is why there are many people who believe that undertaking boiler room fraud is a worthwhile activity. There are risks involved, there are risks involved with every sort of crime but when the rewards are so high, there is an opportunity to get in and get out without being caught. This is great in theory but being caught can change people’s lives and not for the better, so it can be difficult for many criminals to say that this is the line of work that they want to engage in.
There may not be too many convictions for boiler room fraud in the United Kingdom but three men have received prison sentences for over ten years. This comes on the back of these three men scamming their victims for over £9m. This style of boiler room fraud is based on conning people into buying shares and commodities and this particular case was referred to the police back in 2009. This came about when a man from Ilkeston informed the authorities after losing out on thousands of pounds in the scam.
Hefty prison sentences await people guilty of Boiler room fraud
Three men have been sent to prison for more than ten years after scamming people in the area out of £9m. The three men who are going to prison are David Charles Jackson, Sean Liptrot and Charles Christopher Ayres. Jackson pleaded guilty in court to the conspiracy, and he was responsible for the formation of World Asian Trading. Jackson received a seven year prison sentence.
Litptrot also pleaded guilty to the formation of the company and to opening a bank account of behalf of companies like Alfort International Ltd, Pearlgate International Ltd and Valmont Services. Liptrot was sentence to two and a half years in jail. Ayres pleaded guilty to the crime of converting criminal property and to opening a bank account, this time for the company of Edenbridge International Ltd. Ayres was sentenced to one year in jail.
While there are some frauds and criminal activity that can take place quickly, this was deemed to be a long and complex enquiry. The fact that the three men were operating and living in Thailand added another layer of complexity to the case. The majority of boiler room frauds take place abroad but when these three men returned to the United Kingdom they were arrested. The fact that over £9m has been stolen from people indicates that this is a high reward style of crime but when there is a high reward, there is likely to be a high level of punishment involved too.
There is no doubt that police forces are keen to warn people about the danger of boiler room fraud and these convictions will help to spread the word about the dangers posed by fraudsters carrying out this sort of work. Of course, while there will be many people pressing for a severe punishment, there is a need for a defence solicitor to provide their client with the highest standard of support and guidance.
Andrew Reilly is a freelance writer with a focus on news stories and consumer interest articles. He has been writing professionally for 9 years but has been writing for as long as he can care to remember. When Andrew isn’t sat behind a laptop or researching a story, he will be found watching a gig or a game of football.