Five men jailed over sham investments
Five men have been jailed after running a sham investment scheme that cost British expats £2m.
Operating under the name Prudential Commercial Investments, they conned financial advisers into persuading clients to pour their money into a supposed lending scheme for commercial property buyers in the UK.
The money was funnelled into the fraudsters' offshore accounts.
PCI, which has no connection with the Prudential Assurance Company, wooed IFAs by offering them commission of up to 6%.
The scheme operated between March 2003 and March 2004. IFAs were 'unwitting pawns' in the fraud, Worcester Crown Court heard.
Peter Roope's sentence was reduced to four years and eight months from seven years and Gareth Matthews had his shortened to four years from six for pleading guilty.
The other three - Charles Frisby, Douglas Miller and John Roope - received between two and four and a half years.
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