Two fraudsters have been convicted today (12 May) for conning vulnerable victims out of £36 million in a ‘boiler room’ fraud operation.
Paul Seakens, 60, and Luke Ryan, 33, were found guilty at the new specialist court, Prospero House, Southwark, on charges of running a business for fraudulent purposes. Seakens was also convicted of money laundering and proceeds of crime charges.
Seakens and Ryan were directors of a company based in Winchester, Enviro Associates, that sold Voluntary Emission Reduction (VERs) carbon credits to mostly vulnerable individuals using call operatives, making false claims about returns.
The VERs sold to clients were essentially worthless, purchased via Seakens’ London based company CNI for very small sums and then sold by the boiler rooms - call centres for con artists - to victims at vastly inflated prices (between 200% - 1,000% mark-up).
A
Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient: 1. Obtains access to the information in a personal capacity; 2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services; 3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body; 4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
Crown Prosecution Service described it as a ‘particularly heinous scam’
A specialist London court has found Paul Seakens (60) and Luke Ryan (22) guilty of running a business for fraudulent purposes.
Seakens was also convicted of money laundering and proceeds of crime charges, according to the Crown Prosecution Service (CPS).
Sentencing will take place on 28 May.
1,000% mark up
The duo were directors of a company based in Winchester called Enviro Associates.
They sold voluntary emission reduction (VER) carbon credits to mostly vulnerable individuals via a boiler room operation.
The VERs were essentially worthless but sold at between 200-1,000% mark ups.
They were purchased via a London-based company owned by Seakens called CNI, for very small sums and then sold on.
13 new Liverpool bars you might not have been to but really should
Liverpool is well known for its bars and exciting night life
Updated
Boujee Restaurant & Bar in Chavasse Park in Liverpool ONE (Image: Colin Lane/Liverpool Echo)
Liverpool is well known for its vibrant night life - under normal circumstances - and now lockdown restrictions are finally easing, there are plenty of new bars worth visiting. The coronavirus pandemic has had a major impact on the hospitality industry, and has in some instances led to the permanent closure of independent shops, businesses, restaurants and more - but normality is finally on the horizon.