Why the SFO really is serious about getting money off this crook
A.T. writes: In April last year, you reported that if convicted investment fraudster Jeffrey Revell Reade failed to sell assets to pay around £11million to compensate victims, he would face a longer prison term. As one of those scammed for £36,000, I was pleased to read this. But he has gone back to court and had the compensation cut by about £3million. Many victims lost homes, businesses and partners, while two committed suicide. I wonder if the courts considered this.
I SPENT years tracking down Australian crook Jeffrey Revell-Reade and his scams and sounded the alarm as long ago as 2003. His fake stockbroking firms raked in at least £70million from victims who thought they were buying shares in legitimate companies.
After a seven-year investigation by the Serious Fraud Office, Revell-Reade was jailed for eight and a half years – and yes, the court took into account the effect his scams had on his victims. Revell-Reade was also ordered to hand over £10.75 million or face a further ten years in prison, but £6.5million was tied up in a luxury property in Wimbledon which has just been sold for £3.55 million.
The net result is that he now has to pay about £7.5million, with an alternative of an extra seven and a half years inside. So far, the SFO tells me it has recovered £3.49million from Revell-Reade and his accomplice Anthony May and has distributed this to victims.
It is a shame the property did not bring in more, but it is good to see the SFO managing to grab back as much as it has.