(Reuters) - A jailed swindler who helped trick hundreds of British investors into buying worthless shares in a 70 million-pound ($93 million) scam has had his prison sentence extended by four years for failing to pay back millions of pounds.
A London court activated a default prison sentence for Jeffrey Revell-Reade, one of two men convicted in 2014, after he repaid less than half of a 7.5 million pound confiscation order, the UK Serious Fraud Office said on Wednesday.
Revell-Reade was convicted of conspiracy to defraud in connection with a Madrid-based scam that duped at least 1,000 investors, in what was billed at the time as one of the largest boiler-room frauds pursued by British authorities.
Boiler-room cons are often-unregulated telephone sales operations that pressure their victims, usually the elderly and vulnerable, into buying fake or over-valued stock.
The 53-year-old Australian national, who is already serving nine years and six months, had returned only around 3.5 million pounds, the fraud office said. He will remain liable for the full amount once his sentence is served.
A London judge said he had no doubt that Revell-Reade was “wilfully refusing to settle his order”.
Revell-Reade, dubbed the “Wolf of Wimbledon” after the district of London where he planned to live, sold worthless, overpriced or non-existent shares in U.S.-listed companies.
Prosecutors said he used the profits to buy property in London, Austria, Spain and Australia, chartering private flights and yachts and bought fine wines and luxury cars.
Reporting by Arathy S Nair in Bengaluru; editing by Kirstin Ridley, Larry King