Search

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

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

29 minutes ago
Stock picture of a kitten

An animal welfare campaigner has issued a warning after a cat was decapitated in Barkingside this weekend, following a similar attack on a cat in Romford last year.

16:14
Cllr Rob Benham standing next to heaps of rubbish left in Upminster last year.

In a year that has seen the borough plagued with fly-tip after fly-tip, residents now get the chance to have their questions answered.

MC Flamezee writes and performs gritty, political songs about east London. PICTURE: Moss Media

A grime artist has put a call out for people to star in his latest music video this weekend.

Robbers stole money and assaulted a cashier from a newsagents in Fairview Avenue, Rainham. Picture: Google Maps

Robbers fled the scene on a motorbike after they stole cash from a newsagents and assaulted a cashier.

12:08
Alfie and Andy inside the club's training complex.

West Ham manager Slaven Bilic lived up to his ‘Super Slav’ nickname after giving a young Hammers fan a day he will never forget.

15:37
Proposed location for zebra crossing in Gooshays Drive, Harold Hill. Picture: Google Maps.

Council officers have targeted a busy stretch of road in a bid to reduce the number of incidents at an accident blackspot.

A member of the emergency services at the scene of an explosion at a building in Hornchurch. Picture: PA Wire/PA Images/Victoria Jones

The two men who were arrested in connection with the explosion at a Hornchurch block of flats have been bailed.

Drivers on the Night Tube are being balloted for strike action Picture: Katie Collins/ PA Images

Drivers on the Night Tube will be balloted for strike action in a dispute over pay and career progression.

Newsletter Sign Up

Sign up to receive our regular email newsletter

Most read news

HOT JOBS

Show Job Lists

News from your area

WW100

Click on the banner above for full coverage of the centenary commemorations of the outbreak of the First World War.

Competitions

Are you in need of a new kitchen? Try our competition and you could win a brand new one!

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.

MyOffers H&M Competition

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