Four men were recently sentenced after they were caught running a fraudulent scheme that conned over 340 investors out of a total of £5.4 million. The UK fraudsters informed their victims that they worked for an enterprise called IPR Capital which hired sales agents and broker firms to sell shares in a gold mine based in Ecuador. According to the City of London Police, the four men also alleged that the company possessed mining rights to the site.
Out of the team of fraudsters, Steven Mayne and Stephen Todd were given a two-year prison sentence, suspended for two years and a 12-month curfew on the charge of conspiracy to defraud. John Andrews was given a 12-month sentence on the charge of money laundering and David Williams was sentenced to a 12-month imprisonment, suspended for two years and a 12-month curfew for the crime of money laundering.
According to the City of London Police, Todd was the investment scam’s “brainchild”. As a disqualified director, he delivered training to the sales agents involved, while Mayne was the actual signatory and director to company accounts. Andrews and Williams were office manager and director respectively.
A police spokesperson commented:
“Officers will now be continuing with the work in this case to try and recoup some of the money lost.”
UK investors with concerns about new financial opportunities often take financial advice in Chester, London and other major cities before investing their funds. As independent and expert advisors, wealth managers can assess investment opportunities for their clients and identify if they are legitimate.
