Man jailed for conspiracy to defraud

A 35-year-old man has been jailed for 49 months after being convicted of charges relating to Loco-London Silver and Spot Crude Oil investment scams involving more than $15 million.

The District Court heard today (November 1) that complaints had made against three companies suspected to have perpetrated the Loco-London Silver and Spot Crude Oil fraud between November1998, and May 2000.

Officers of Commercial Crime Bureau subsequently began an investigation. Enquiries revealed that the companies placed job advertisements locally to recruit clerical staff. They lured 53 jobseekers into the fictitious investments involving a loss of more than $15 million.

Officers later arrested and charged 34 people with conspiracy to defraud. They were sentenced between 2002 and this year by the District Court to imprisonment for up to seven years.

In April, officers arrested the 35-year-old defendant who was charged with conspiracy to defraud and dealing with proceeds of indictable offence.


Police Report No. 2
Issued by PPRB

Ends/Thursday, November 1, 2007