Collier Row fraudster involved in £60m ‘Wolf of Wall Street’ scam will pay back £154k
- Credit: 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.
- 1 Romford mother lived in squalor after mental health 'failings', court hears
- 2 Romford man arrested following multi-vehicle collision on M11
- 3 Bleed kit in memory of doorman Ricky Hayden installed outside nightclub
- 4 Three found guilty of murder for involvement in fatal gunfight
- 5 'Taste' of Notting Hill Carnival comes to Collier Row
- 6 Repairs confirmed after gas leak reported at Rainham home, not long after south London explosion
- 7 Nursery offering 'hybrid' education approach to open in Romford
- 8 Plans for 28,000sqm of new Rainham industrial units to go before committee
- 9 Hornchurch ranked top place in UK for takeaway fish and chips, study finds
- 10 Ombudsman: Complaint about woman's residential care arrangements among those upheld in Havering in 2021/2022
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.