Here’s why
Convicted boiler room fraudster, Jeffrey Revell-Reade, 53, has had his default prison sentence of 4 years activated by Westminster Magistrates’ Court for failure to pay a £7,535,802 confiscation order.
Known as the ‘Wolf of Wimbledon’, Revell-Reade, an Australian national, is currently serving a 9 year 6 month sentence alongside Anthony May for what is believed to be one of the largest boiler room fraud schemes ever pursued by a UK authority. On 19 April 2016 Revell-Reade was ordered to pay a £10,751,000 confiscation order. On 10 April 2017 Revell-Reade made a successful application to the court which reduced the confiscation order to £7,535,802, however, only £3,497,000 has been paid so far. He will still remain liable for the full amount once this sentence is served. Anthony May was ordered to pay a £250,000 confiscation order at the same time and this was paid in full.
The pair sold shares in US-listed companies from Madrid. When hundreds of investors came to sell the shares after the expiry period, many found they were unable to do so as they were worthless, either placed in shell companies or companies not operating at all.
Their convictions were linked to seven other individuals, also convicted and sentenced following a seven year investigation by the SFO.
District Judge Snow said in activating the default sentence:
“I have no doubt at all that given his record of offending, given his failure to meet the order, given the lies he has told previously and given the bogus high court claim, that the assets are available to Mr Revell-Reade as found by the Crown Court and that the reason for his behaviour is that he is wilfully refusing to settle his order.”
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