Andrew Campbell-Tiech QC and Gavin Irwin settle £11 million confiscation proceedings
20 April 2016
Andrew Campbell-Tiech QC and Gavin Irwin recently settled confiscation proceedings on behalf of Jeffrey Revell-Reade - the Australian 'Wolf of Wall Street' - in what the SFO have described as the largest boiler room fraud scheme ever pursued by a UK authority.
The main defendants in the fraud, and the subjects of confiscation proceedings, offered shares in US-listed companies from an office in Madrid. Investors found they were unable to sell the shares as they were either worthless or had been placed in shell companies or companies not operating at all. Revell-Reade was ordered to pay back £10,751,000 and Anthony May £250,000. The proceedings also involved complex issues in relation to: trusts and offshore SPV's; and, the new and as yet untested law in relation to periods of imprisonment in default for non-payment of confiscation orders and remission.
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