There have been a string of sentences totalling 26 years’ immediate imprisonment to date, with the cases being heard at different times.
Some details could not be reported before today due to ongoing proceedings.
The FCA brought the case and eight individuals have been convicted.
They are: Scott Crawley, Dale Walker, Daniel Forsyth, Brendan Daley, Aaron Petrou, Ross Peters, Adam Hawkins, and Ricky Mitchie.
{desktop}{/desktop}{mobile}{/mobile}
According to the FCA, between July 2008 and November 2011 the defendants were involved in the operation of an unauthorised collective investment scheme through three companies: Plott Investments Ltd, which changed its name to Plott UK Ltd, European Property Investments (UK) Ltd, and Stirling Alexander Ltd.
The FCA said in a statement: “Salesmen for the companies cold-called potential investors to sell them agricultural land that the companies had bought for minimal amounts as well as land the companies did not own.
“Using sales scripts, misleading promotional material, and high-pressure sales techniques they lied about the current and future value of the land. People were persuaded to purchase land at a vastly inflated price, on the false promise of a substantial profit.
“The scheme extracted at least £4.3 million from investors and none of them have seen a return.”
Georgina Philippou, acting director of enforcement and market oversight at the FCA, said: “The FCA will take strong action, through both the civil and criminal courts, against those who operate illegal investment schemes and those who assist them like solicitors.
“People put their homes and retirements at risk on the back of promises of high returns that were never going to be realised. The severity of the sentences shows how seriously the courts view this kind of offending.”
The defendants were convicted of various offences including conspiracy to defraud, breaching the general prohibition by conducting investment business without FCA authorisation, aiding and abetting a breach of the general prohibition, possessing criminal property, and providing false and misleading information to the (then) FSA in a compelled interview.
The sentences:
Mr Crawley was sentenced to a total of 8 years’ imprisonment; Mr Walker to 5 ½ years’ imprisonment; Mr Forsyth to 2 years’ imprisonment; Mr Daley to 15 months’ imprisonment suspended for 2 years, with an electronically monitored curfew for 4 months; Mr Petrou to 5 years’ imprisonment; Mr Peters to 5 ½ years’ imprisonment; and Mr Mitchie to 4 months’ imprisonment suspended for 18 months.
The sentencing of Mr Hawkins has been adjourned until a later date. Mr Walker, Mr Forsyth, Mr Petrou, and Mr Peters were disqualified as directors for periods ranging from 5 to 10 years. Mr Crawley and Mr Daley had already been disqualified as directors following action taken by the Insolvency Service.