Conspiracy to defraud
A fraud case involving 30 victims and £434,043 investments has concluded with five men being jailed for a total of 11 years and six months.
Timus Radford-Mathurin, 31, a broker, of Pyms Road, Chelmsford, was jailed for 18 months for converting criminal property at Chelmsford Crown Court after previously being found guilty on Wednesday, November 14, following a trial.
He will start a custodial sentence and will join the following people in prison: George Herron, 26, of no fixed address, who was previously jailed for two years and eight months after admitting two counts of conspiracy to defraud;
Radford-Mathurin was the last person out of a group of 12 people to be convicted for his role in scams that date back to 2015.
The following people were also sentenced for their involvement in the fraud:
Michael Hassini, 24, of Danes Way, Pilgrims Hatch, received 15 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; Detective Chief Inspector Lee Morton, of Kent and Essex Serious Crime Directorate, said: “This complex case has finally finished. The main players involved with this scam, Radford-Mathurin, along with George Herron, and others from outside of Essex, lived lavish lifestyles using the funds gained from their crimes.
“The other defendants all played a key role in the fraud by laundering the cash. I would like to praise all the victims for their support during our investigation. I would like to also thank my team for their hard work over many years to help bring this case to court.”
Police received complaints in 2015 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 2014 to 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.