UK court orders boiler room fraudsters to pay £11 million in compensation

Southwark Crown Court today ordered convicted fraudsters Jeffrey Revell-Reade and Anthony May to pay a total of £11, 001,000 in compensation, following an investigation by the UK Serious Fraud Office into a large-scale boiler room fraud.

Jeffrey Revell-Reade, 51, was ordered to pay a £10,751,000 confiscation order, whereas Anthony May, 60, was ordered to pay a £250,000 confiscation order.

Both men sold shares in US-listed companies from Madrid – when investors decided to sell the shares after the expiry period, they were unable to do so as the shares were worthless, either placed in shell companies or companies that were not operating at all.

In June 2014 Revell-Reade, the mastermind of the fraud, was sentenced to a further 8 years and 6 months in prison after having already served the equivalent of a year in prison overseas while contesting extradition. Anthony May was sentenced to 7 years and 4 months in prison.

Today both men were given three months each to pay the orders or face an additional prison sentence in default of payment – 10 years’ imprisonment for Revell-Reade and 3 years’ imprisonment for May.

The sums paid towards the confiscation orders are to be returned to the victims in the case.

You can view the full announcement from the SFO by clicking here.

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