Search

Collier Row fraudster involved in £60m ‘Wolf of Wall Street’ scam will pay back £154k

PUBLISHED: 12:00 27 August 2014

Jon Emery was part of a 'Wolf of Wall Street' share scam. Picture: Central News

Jon Emery was part of a 'Wolf of Wall Street' share scam. Picture: Central News

Archant

A fraudster involved in a £60 million “Wolf of Wall Street” share scam has today been ordered to pay back just £154,000.

Jon Emery, 36, of Birch Road, Collier Row, was one of a team of six conmen who set up an elaborate scheme in Madrid to sell worthless shares to British investors.

He was ordered to pay back £154,412 within six months or face a further two and a half years in prison following a Proceeds of Crime Act hearing at Southwark Crown Court.

Emery was convicted of conspiring to defraud investors in June and jailed for five years.

The scheme was the brainchild of Australian Jeffery Revell-Reade, 49, and Anthony May, 48, who spent the cash on a champagne lifestyle including private jets and yachts.

They recruited Emery, Daniel Gooding, 39, and Gooding’s sister Emma Farmer, 40, to reel in clients using hard-sell, cold-calling techniques.

Gooding, Farmer, and Emery, along with Ian Hughes, 33, Philip Morris, 38, and Shaun Rumsey, 33, telephoned potential buyers in the UK to trick them into investing into worthless companies.

Revell-Reade and May created “sales entities” – companies set up for limited periods of time selling high volumes of their shares.

The gang sold blocks of worthless, loan-repayment securities belonging to companies no longer listed on the stock exchange.

The operation was deliberately set up in Spain to be outside the immediate control of UK authorities and the Financial Service Authority.

Emery, Coleman, Farmer and Gooding, all of Oaklands Park, Hutton; Hughes, of Cardiff; Morris, of Ashford, Kent; and Rumsey, of Dunmow, Essex, were all convicted of conspiring to defraud investors by dishonestly making, causing or permitting false representations between 2003 and 2007.

They were jailed for a total of 29 years in June and must pay back a slice of their profits.

Read more:

‘I didn’t even know where Guinea Bissau was’ - Hornchurch ‘fraud’ victim charged hundreds for calls to west Africa

Hornchurch residents latest victims of Guinea-Bissau phone fraud

Havering’s vulnerable hit hard in ‘courier fraud’

Latest Romford News Stories

08:11

A war hero who was awarded the freedom of the borough in 2011 for his work in the community has died at the age of 97.

Yesterday, 17:20

The organisers of We Are FSTVL have reassured festival goers that they will update their security plans “where necessary” in response to last night’s bomb attack in Manchester.

Yesterday, 16:19

In a world obsessed with self promotion and social media, it isn’t too hard to understand how many of us find ourselves caught up in our own self-absorbed bubbles.

Yesterday, 13:07

Following the terror attack in Manchester on Monday, the chief executive of Havering Council urged people “not to let this atrocity divide our communities”.

Yesterday, 09:04

Two men, both in their 20s, were stabbed in two separate attacks just a few minutes apart late last night.

Yesterday, 07:00

A teenager has described the 20-year-old who was stabbed to death in The Brewery last week as an “amazing boyfriend”.

Mon, 17:00

When Beatrice Way suffered a massive stroke, her husband Alexander remembers clearly thinking it meant the end of their dream to have a baby.

Mon, 16:26

More than a thousand fundraisers were bathed in glorious sunshine – and colourful bubbles – as they tackled a 5km course.

Newsletter Sign Up

Sign up to receive our regular email newsletter

Most read news

Show Job Lists

News from your area

Competitions

Having a brand new kitchen is something that lots of people want but can only dream of. Sadly keeping up to date and making our living spaces as nice as they can be is a costly and incredibly stressful business. Even a fresh coat of paint makes all the difference but isn’t easy or quick.

Who wouldn’t love the chance to go on a shopping spree. Imagine being able to walk into a shop and choose whatever your heart desires without having to worry about how much it costs.

Digital Edition

cover

Enjoy the
Romford Recorder
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now