Financial crime hit the headlines this week, when three British men received sentences totalling 43 years in a Florida court for their roles in a boiler room fraud that saw British investors lose around £80 million.

The three men, Richard Pope, Paul Gunter and Simon Odoni, came to court following a multi-national law enforcement agency collaboration, involving the City of London Police, US law enforcement agencies, the Serious Fraud Office, Spanish National Police and Norfolk Police.

The fraud dates back to 2004 when the three men began selling worthless shares to UK investors. They employed hundreds of people in Spanish “boiler rooms” to contact potential investors by telephone, using high pressure tactics to persuade them to buy the stock. According to the City of London Police, at least 2,300 people in the UK fell for the scam, with the biggest individual loss amounting to £1 million.

The three were initially charged in March 2009, and in March 2011 Richard Pope pleaded guilty to charges of conspiracy to commit mail and wire fraud. In March of this year he testified against Gunter and Odoni, and they were convicted in April.

According to the City of London Police, Paul Gunter was sentenced to 40 years in prison, Simon Odoni to 13 years and 4 months, and Richard Pope to 4 years and 9 months.

Financial crime is treated very seriously by the authorities. If you are accused of fraud it is important to enlist the help of fraud defence lawyers quickly.

Contact Lewis Nedas’ Criminal Lawyers in London

If you have been charged or questioned in relation to a financial crime such as a “boiler room fraud” and require specialist legal advice, please contact our solicitors Jeffrey Lewis or Siobhain Egan on 020 7387 2032 or complete our online enquiry form here.

This blog post is intended as a news item only – no connection between Lewis Nedas and the parties concerned is intended or implied.