Harlow man jailed for his part in fake diamond companies scam

Crime / Fri 16th Nov 2018 at 03:01pm

AN investigation into an investment fraud that saw victims invest money into fake companies involved with the diamond and binary trade industries has concluded.

At Basildon Crown Court, Tim Radford-Mathurin, 31, a broker, of Pyms Road, Chelmsford, pleaded guilty to converting criminal property. He is due to be sentenced on Thursday, December 13.

Radford-Mathurin was the last person out of a group of 12 people to be convicted for his role in scams involving 28 victims and investments of between £400,000 and £450,000.

In 2015, we received complaints from investors who had been defrauded out of significant sums of cash by two companies.

They were cold called by people working for Bridgewater Associates Ltd and RSD Assets Ltd, who claimed to make profits in the sale of coloured diamonds and online binary products.

These companies ran from late 2014 and February 2016.

The victims were sent professional-looking brochures, purchase agreements and registration forms, sometimes even before they had agreed to buy.

When they invested into the diamond scheme, they were sent reports that gave details to show the authenticity of the specific diamond purchased. This scam was given a further air of authenticity by the fact that there is an established company in the USA and the fraudsters had used their logo.

When they invested in the binary options, victims were told that their funds would be traded on their behalf in various different markets, including coffee and currency. They were given password-access to a website where they could watch the progress of their trades and see whether they were making or losing money.

The investors told police that when they spoke to brokers they believed they were talking to the same person but under a different name. When victims made enquiries about their investments, they were often lied to or ignored.

Detective Chief Inspector Lee Morton, of Kent and Essex Serious Crime Directorate, said: “Following a three-year long investigation into these complex boiler room frauds, the final defendant in the case has been convicted.

“The fraud involved a sophisticated plan that targeted victims who were looking to experiment with their hard earned money by making investments in different avenues.

“They cold called, sent them professional brochures and they were given access to websites that purportedly allowed them to monitor their investments. Little did they know that the companies involved were fake and were run by criminals wanting to fund lavish lifestyles.

“I want to thank the victims for their patience, co-operation and support and I hope the conclusion of this case offers some justice to their victims.”

Peter Domokos, 40, Grove Lea, Hatfield, and Nicholas Canty, 30, of Forest Ridge, Keston, are due to be sentenced for money laundering.

The following people have been sentenced for their involvement in the fraud:

George Herron, 26, of No Fixed Abode was jailed for two years and eight months after admitting two counts of conspiracy to defraud;

Samuel Jeal, 24, of Westmoreland Road, Bromley, was jailed for three years and six months after being found guilty of two counts of conspiracy to defraud;

Christopher Kirk, 26, a broker, of Brooker Road, Waltham Abbey, was jailed for two years and four months following a trial for conspiracy to defraud;

Rakeem Dixon, 25, of Paddock Mead, Harlow, received 18 months for money laundering following a trial;

Michael Hassini, 24, of Danes Way, Pilgrims Hatch, received 15 months suspended for 18 months and 200 hours unpaid work for money laundering;

Thomas Mead, 24, of Foxglove Avenue, Beckenham, received 12 months suspended for 18 months and 200 hours unpaid work for money laundering;

Christopher White, 30, of Ayr Green, Romford, and Muhammed Bah, 29, of Eastbourne Road, East Ham, received 10 month suspended sentenced and 200 hours unpaid work for money laundering;

Amy Palmer, 27, of Windsor Drive, Orpington, received a 12-month community order for money laundering.

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