£30m Ponzi scheme defrauding ‘elderly people out of life savings’ uncovered

More than a dozen people have been convicted after a so-called Ponzi scheme caused investors to lose around £30m. Some of the victims were elderly and vulnerable, a court heard.

The fraud investigation was one of the biggest ever undertaken by North Yorkshire Police and has now ended after years of trials. The accused were from various places in the UK, including Staffordshire and the West Midlands.

Investigators interviewed witnesses in Europe, America and the Far East and examined bank records linked to dozens of individuals and companies as part of “Operation Circle Two”.

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It followed an earlier investigation, known as ‘Operation Circus’, in which the force received reports that Simon Oakley was working with a London solicitor, Jonathan Denton, on an investment scheme that was dubious and possibly fraudulent.

Inquiries have identified a number of victims in North Yorkshire and uncovered several complex and convoluted ‘Ponzi’ investment schemes. Such schemes, similar to pyramid schemes, are elaborate frauds that lure investors with promises of huge profits, paying profits to early investors with funds from later investors.

Investors believed that they were dealing with honest, law-abiding, professional people and were investing their money in a safe, virtually risk-free scheme that would bring them a large profit. Their trust was abused and in reality, although some people got some of their money back, many got nothing.

Some of the victims were wealthy investors, but many were investing their pensions and life savings and lost everything in the scam. The effect on them and those close to them was devastating both financially and personally.

Although it is difficult to quantify a definitive figure, investors are believed to have lost around £30 million in total. And after a three-year investigation by North Yorkshire Police, UK suspects involved in the schemes have been charged.

A trial of some defendants began in 2020 but was abandoned after 10 weeks due to the coronavirus pandemic and did not resume until spring 2022. A series of four trials followed, all held at Birmingham Crown Court.

The first trial of seven defendants, all connected in different ways to the schemes, lasted 25 weeks, with verdicts due in December 2022.

• Jonathan Irvin Denton, now 64, from Staffordshire, a former solicitor, was jailed for 15 years for two frauds totaling £25 million.

• Rhys Wyn Williams, now 42, from Anglesey, pleaded guilty and was jailed for nine years for money laundering and fraud offences.

• Lisa Alaw Williams, now 41, from Anglesey, pleaded guilty and was given a 16-month suspended sentence for money laundering.

• Susan Georgina Gillies, now 56, from London, was jailed for seven and a half years for money laundering.

• Jamie Halfpenny, now 48, from Hampshire, was jailed for seven-and-a-half years for the fraud.

• Jason Robert Curtis, now 55, from Cheshire, was jailed for nine years for money laundering and theft.

• A seventh defendant, Simon Charles Oakley, now 57, a former financial adviser based in Cheshire, was found not guilty of one charge and the jury could not decide on a verdict for another. A new trial date was then set for January 2024.

A second trial began in December 2022. After eight months, three of the four were found guilty. They were sentenced at Birmingham Crown Court on Friday 1 September 2023.

• Andrew Luckhurst, 72, from Lichfield, was jailed for 17 years for eight counts of theft and four counts of fraud.

• Nicholas Shaw, 62, from Nuneaton, was jailed for 10 years for three counts of fraud.

• Ian Campbell Bascombe, 60, from Essex, was jailed for four years for fraud.

• A fourth man tried at the same time was found not guilty of any crime.

The third trial of two other defendants began in September 2023 and ended just before Christmas. Both were found guilty of fraud offenses and remanded in custody. They were sentenced on April 26.

• Adrian Dunne, 58, from London, was jailed for 15 years on three counts of fraud.

• Tony Webster, 56, from London, was jailed for 15 years on three counts of fraud.

• Simon Oakley’s retrial began in January 2024. The court heard that Oakley was the “architect” of the original Ponzi scheme, along with Jonathan Denton. This time the jury reached a verdict and he was found guilty of fraud on 29 February and sentenced to eight years in prison on 21 March. An investigation into the confiscation of the proceeds of crime will now follow.

DI Janine Mitchell, Head of Economic Crime at North Yorkshire Police, said: “I would like to pay tribute to the small team of investigators who handled a large and complex investigation with commitment and professionalism. This investigation was a herculean effort and the guilty verdicts and lengthy prison sentences handed down to many of the defendants are a testament to their determination to do justice.

“The frauds investigated in this operation did not only target wealthy investors. Some of the victims were elderly and vulnerable, and others were hard-working people such as plumbers, carpet fitters, postal workers and even a retired police officer.

“I hope the coverage of this investigation will serve as a reminder to be vigilant against investment fraud: Before making significant financial decisions, talk to trusted friends or family members or seek independent professional advice.

“Use the Financial Conduct Authority’s register to check whether a company you are dealing with is regulated. And never rush to make an investment – ​​legitimate organizations will never pressure you to invest on the spot.

“For more information on how to invest safely, please visit the FCA’s ScamSmart website.”