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Two men behind what is thought to be Britain's biggest "boiler room" fraud have been ordered by the SFO to pay £11 million in compensation for tricking British investors out of more than £70 million.

27 April 2016

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At a hearing in Southwark Crown Court, Australian Jeffrey Revell-Reade, 51, was ordered to pay a £10.7 million confiscation order, while Anthony May, 60, was ordered to pay £250,000.

The duo ran a number of fake stockbroking firms out of Spain, selling shares in US companies. But investors who then tried to sell the shares often found they were worthless, having been placed in shell companies or in firms that did not exist.

Revell-Reade and May were convicted in 2014 and are currently serving sentences of eight-and-a-half years and seven years, four months respectively. If they fail to pay the orders, they face additional prison time - 10 years for Revell-Reade and three years for May.

Mark Thompson, head of the SFO's Proceeds of Crime division, said: "These individuals benefited substantially from their crimes. Their lavish lifestyles featured numerous overseas properties, wine collections and a luxury yacht. We welcome these orders which the pair now need to pay or face a further period of imprisonment."

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