Seven guilty in investment fraud

Spanish-based operation targeted thousands of investors in the UK applying high pressure  elesales techniques to push shares in a bio-diesel company, Worldwide Bio Refineries. The one defendant who pleaded guilty gave evidence for the prosecution. They are to be sentenced on the 23 September and are remanded custody.

Dennis Potter who lived in Singapore was found guilty of conspiring to defraud investors in his company, Worldwide Bio Refineries Ltd, during 2005 and 2006. His fellow company director Redmond “Ray” Charles Johnson pleaded guilty to the same offence.

Five other men, who were responsible for the management of boiler-rooms, were also found guilty of being conspirators. They are Steven John Murphy and Greg Pearson both of Marbella, Paul Daniel Murphy and Lee Eliot Homan both of Hertfordshire. Peter Bibby of south London who absconded before trial was tried in absentia. There is a warrant for his arrest.

Commenting on the convictions, SFO Director Richard Alderman said:

“This is an excellent result. Not only do boiler-room fraudsters prey on vulnerable people, they also deprive genuine businesses of the capital they need to grow. Quite bluntly, they ruin lives. I am delighted that the SFO is playing its part in tracking down operations like these and bringing fraudsters to book.”