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The UK Serious Fraud Office (SFO) Wednesday announced Southwark Crown Court’s sentencing of two company directors to 11 years’ imprisonment on charges of conspiracy to defraud and misconduct in a green investment scheme.
Andrew Skeene and Omari Bowers, former directors of Global Forestry Investments, encouraged investors to invest in three Brazilian teak tree plantations. They falsely claimed that the investments were “secure, well-managed, ethical” and would protect the Amazon rainforest and support local communities.
The investment scheme defrauded more than 2,000 investors of their savings and pensions and collected approximately £37 million of investments. The SFO also revealed that the two men used the investments to enrich themselves. They collectively withdrew around £750,000 in cash from the investments and spent a further £2 million on retail, luxury and entertainment.
In May, the SFO secured the directors’ convictions by a jury trial in Southwark Crown Court for fraud and misconduct committed in the process of winding up the investment company.
Judge Jeffrey Pegden QC highlighted the “serious detrimental impact” of the scheme on investors, including some of them not being able to retire, resulting in their “prolonged distress and mental anguish.”
Over the rest of the year, the SFO will prosecute 18 defendants in six cases for alleged fraud valued at more than £500 million.
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Andrew Skeene and Omari Bowers, former directors of Global Forestry Investments, encouraged investors to invest in three Brazilian teak tree plantations. They falsely claimed that the investments were “secure, well-managed, ethical” and would protect the Amazon rainforest and support local communities.
The investment scheme defrauded more than 2,000 investors of their savings and pensions and collected approximately £37 million of investments. The SFO also revealed that the two men used the investments to enrich themselves. They collectively withdrew around £750,000 in cash from the investments and spent a further £2 million on retail, luxury and entertainment.
In May, the SFO secured the directors’ convictions by a jury trial in Southwark Crown Court for fraud and misconduct committed in the process of winding up the investment company.
Judge Jeffrey Pegden QC highlighted the “serious detrimental impact” of the scheme on investors, including some of them not being able to retire, resulting in their “prolonged distress and mental anguish.”
Over the rest of the year, the SFO will prosecute 18 defendants in six cases for alleged fraud valued at more than £500 million.
The post UK court sentences two company directors to 11 years’ imprisonment for green investment fraud appeared first on JURIST - News.
Continue reading...
Note: We don't have any responsibilities about this news. Its been posted here by Feed Reader and we had no controls and checking on it. And because News posted here will be deleted automatically after 21 days, threads are closed so that no one spend time to post and discuss here. You can always check the source and discuss in their site.