Wisbech man to be sentenced for his part in scam that saw more than 50 people - many of them elderly - robbed of £3m
- Credit: Archant
A Wisbech man will be sentenced later this month for his part in an elaborate scam that saw more than 50 people conned out of £3 million.
Ryan Weston, 27, of Clarkson Avenue, pleaded guilty to money laundering when he appeared before Southwark Crown Court.
His name became public following the conclusion of a trial that saw four others found guilty on similar charges.
One other had previously pleaded guilty along with Weston and two others had been convicted at an earlier hearing.
All were accused of running of running a number of ‘boiler room’ frauds which saw elderly and vulnerable people conned out of millions of pounds.
The group ran an elaborate scam from 2014 until 2016, conning more than 50 people out of £3 million by convincing them to invest in fake investment companies.
In particular they would target elderly and often vulnerable individuals, with some people being scammed by the group more than once.
- 1 Covid sweeps across Cambridgeshire as summer wave takes hold
- 2 Smiles return as bridge re-painting comes to an end
- 3 Arsonist started fire in Wisbech care home
- 4 Armed police swoop on youngsters brandishing suspected hand gun
- 5 Council calls for return to mask wearing as Covid soars
- 6 Rikki Neave’s mother calls for tougher sentence for son’s murderer
- 7 Woman, 80, dies following A141 crash
- 8 Arson arrest after Wisbech blaze
- 9 Developer going flat out to convert former post office
- 10 Have you seen Harry Gibson? He's wanted by police
After a number of concerned victims contacted police, an investigation was launched by the Eastern Region Special Operations Unit (ERSOU).
A ‘boiler room’ fraud sees criminals make cold calls or emails to people pretending to be from an established and legitimate company, persuading them to invest in what are in fact completely worthless or non-existent stocks.
Often high pressured sales tactics are used, which is why they’re described as ‘boiler room’
Following the conclusion of a trial at Southwark Crown Court today (April 8), Lucy Richardson, 25, of Crofton Avenue, Orpington, Kent, Mark Bowman, 55, of Princes Gardens, Whitley Bay, Mandy Cross, 59, also of Clifton Close, Orpington, and Muhammad Tanveer, 30, of South Street, Romford, were found guilty of money laundering offences.
Shaun Cross, 30, of Clifton Close, Orpington, and Ryan Weston pleaded guilty to money laundering.
An earlier trial in relation to the same case saw Tanveer convicted of further fraud and money laundering offences, and Barry Spearing, 58, of Stutton Hall, Stutton, Suffolk, convicted of money laundering.
Philip Hunt, 32, of Whitlingham Lane, Trowse, Norfolk, pleaded guilty to money laundering at an earlier court hearing.
Detective Chief Inspector Liz Fernandes, who led the investigation, said: “Investigations such as this are incredibly lengthy and complex, so I’m pleased that the group have now been convicted and will face the justice they deserve.
“These heartless criminals conned innocent people out of their hard earned money, callously tricking them into investing into non-existent companies and stocks.
“Our officers have worked tirelessly to establish the facts around the case, leading to these convictions today, and I hope the results will give the victims some sense of closure.”
Sentencing will take place on April 26