The Scottish Mail on Sunday

Why the SFO re­ally is se­ri­ous about get­ting money off this crook

- Crime · Prison · Revell

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.

 ??  ?? JAILED: Jef­frey Rev­ell-Reade has to pay back £7.5 mil­lion
JAILED: Jef­frey Rev­ell-Reade has to pay back £7.5 mil­lion

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