Four countries, 1000 people and £70m down

Four countries, 1000 people and £70m down

Over 1000 people have fallen victim to a plot masterminded by a property expert.

Over 1000 people have fallen victim to a plot masterminded by a property expert.

The owner of an extravagant property portfolio has been jailed after being found guilty of conspiracy to defraud in relation to an investigation that was launched by the Serious Fraud Office (SFO) six years ago.

Jeffrey Revell-Reade, 49, Australian national who masterminded the scheme, has been sentenced to a further eight years and six months in prison, (having already served the equivalent of a year in prison overseas whilst contesting extradition).

Revell-Reade was sentenced at the end of last week, for his part in a £70m boiler-room fraud trial, which is believed to have been one of the largest boiler room frauds ever pursued by a UK authority.

The scheme, defrauded over 1000 UK citizens and as a result Revell-Reade has been disqualified from being a Director of a company for 12 years. The fraud ran from 2003 to 2007 and obtained a total value of £70 million. 

Commenting on the sentencing, HHJ Gledhill said: "Many investors lost every penny they had... the consequences of those losses have been dreadful and in some consequences catastrophic.

"Even in the process of one firm dying and another being born, deceit and fraud were employed.

"Some believe fraud is a victimless crime; this case proves the fallacy of that."

The extensive investigation was assisted by the City of London Police, the National Crime Agency (NCA), the Financial Conduct Authority (FCA) and overseas law enforcement partners and regulators, where a confiscation investigation is being conducted and any orders for compensation and / or costs will be dealt with in due course.

B&C understands that Jeffrey Revell-Reade’s multimillion pound portfolio contained nine properties, which were scattered across various locations including Australia, Spain, Austria and the UK. The core of the portfolio, four premises, lied in the UK. One property was valued at £5 million in 2008. 

When asked if the portfolio could be seized, the SFO told B&C before the sentencing: “The SFO is undertaking a confiscation investigation into the extent and full whereabouts of Mr Revell-Reade’s benefit from his offending.  We will be asking the Court, at his sentencing hearing, to set a timetable to decide on these matters.”

Mr Revell-Reade who was convicted at Southwark Crown Court was found not guilty of one charge of corruption arising from the conduct of the fraud.

Leave a comment