£30m Ponzi scheme that defrauded 'elderly out of life-savings' uncovered

More than a dozen people have been sentenced after a so-called Ponzi scheme saw investors lose around £30 million. 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 concluded after years of trials. The defendants were from various places across the UK including Staffordshire and the West Midlands.

Investigators interviewed witnesses from Europe, America and the Far East, and examined bank records linked to dozens of individuals and companies, as part of 'Operation Circus Two'.

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It followed a previous investigation known as 'Operation Circus' where the force received reports that Simon Oakley was working with a London-based lawyer Jonathan Denton on an investment scheme which was dubious and likely fraudulent.

Enquiries identified a number of North Yorkshire-based victims 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 returns, paying profits to early investors with funds from more recent investors.

The investors believed they were dealing with honest, law-abiding, professional people, and investing their money in a safe, virtually risk-free scheme which would net them a large return. Their trust was abused and in reality although, some people received some of their money back but 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 devasting both financially and personally.

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

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

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

• Jonathan Irvin Denton, now 64, from Staffordshire, a former solicitor, received 15 years’ imprisonment for two frauds totalling £25M

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

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

• Susan Georgina Gillies, now 56, from London, received seven-and-a-half years’ imprisonment for money laundering.

• Jamie Halfpenny, now 48, from Hampshire, received seven-and-a-half years’ imprisonment for fraud.

• Jason Robert Curtis, now 55, from Cheshire, received nine years’ imprisonment for money laundering and theft.

• A seventh defendant, Simon Charles Oakley, now 57, a former financial adviser, based in Cheshire, was found not guilty on 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. On Friday September 1 2023, they were sentenced at Birmingham Crown Court.

• Andrew Luckhurst, 72, from Lichfield, was sentenced to 17 years’ imprisonment for eight counts of theft and four counts of fraud.

• Nicholas Shaw, 62, from Nuneaton, was sentenced to 10 years’ imprisonment for three counts of fraud.

• Ian Campbell Bascombe, 60, from Essex was sentenced to 4 years’ imprisonment for fraud.

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

The third trial of two further defendants started in September 2023, and concluded just before Christmas. Both were found guilty of fraud offences and were remanded in custody. They were sentenced on April 26.

• Adrian Dunne, 58, from London, was sentenced to 15 years’ imprisonment for three counts of fraud.

• Tony Webster, 56, from London, was sentenced to 15 years’ imprisonment for three counts of fraud.

• The retrial of Simon Oakley began in January 2024. The court heard Oakley was the ‘architect’ of the original Ponzi scheme, along with Jonathan Denton. This time the jury did reach a verdict and he was found guilty of fraud on February 29, and was sentenced to eight years’ imprisonment on March 21. A Proceeds of Crime confiscation investigation will now follow.

DI Janine Mitchell, Head of Economic Crime at North Yorkshire Police, said: "I’d like to pay tribute to the small team of investigators, who managed a vast and complex investigation with commitment and professionalism. This investigation was a herculean effort and the guilty verdicts and lengthy jail terms given to many of the defendants are a testament to their determination to secure justice.

"The frauds investigated as part of this operation didn’t just target wealthy investors. Some of the victims were elderly and vulnerable, and others were working people like plumbers, carpet fitters, postal employees and even a retired police officer.

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

"Use the Financial Conduct Authority’s register to check that a company you’re dealing with is regulated. And never be rushed into making an investment – legitimate organisations will never pressure you into investing on the spot.

"For more information about how to invest safely, please visit the FCA’s ScamSmart website."