Fraudsters jailed after vast and complex ‘Ponzi scheme’ investigation

A multi-million pound fraud investigation – one of the biggest ever undertaken by North Yorkshire Police – has concluded after years of trials.

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

More than a dozen defendants have now been convicted and sentenced, meaning details of the fraud can be revealed for the first time by the police.

North Yorkshire Police’s investigation into the fraudulent investigation schemes started in 2015. As a result of a previous investigation – “Operation Circus” – the force received reports that Simon Oakley, who came to police attention in that earlier investigation, was working with a London-based lawyer Jonathan Denton, and an investment scheme they were promoting 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 many got nothing.

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

Although difficult to quantify a definitive figure, it’s believed that in total investors lost around £30 million.

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 – due to the required courtroom size, and the length of time needed to hear all the evidence.

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, of four West Midlands-based defendants, began in December 2022. After eight months, three of the four were found guilty.

On Friday 1 September 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 26 April 2024.

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.

Meanwhile, 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 29 February, and was sentenced to eight years’ imprisonment on 21 March. 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: www.fca.org.uk/scamsmart”