A London lawyer who architected a £30million investment scheme promising ‘huge returns’ is one of 13 people jailed for a total of 117 years. Jonathan Denton, a 64-year-old former solicitor for US law firm Locke Lord, was jailed for two frauds totalling £25million, while his accomplice Simon Charles Oakley, a 57-year-old former financial advisor, was jailed for eight years.
Denton was struck off in by the Solicitors Disciplinary Tribunal in 2018, while Oakley was banned from regulated activity by the Financial Conduct Authority in 2020. On Friday (April 26), North Yorkshire Police said the men were described as the ‘architects’ of a pyramid scheme that ended in convictions for more than a dozen people after four separate trials at Birmingham Crown Court.
Police interviewed witnesses across the world and examined bank records linked to dozens of individuals and companies as part of Operation Circus Two. It began in 2015 after the force received reports about Oakley and Denton running a ‘dubious and likely fraudulent’ investment scheme.
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They identified a number of North Yorkshire-based victims, and uncovered several ‘complex and convoluted’ Ponzi schemes, similar to pyramid schemes in which fraudsters lure investors with promises of huge returns, paying profits to early investors with the funds of more recent investors.
North Yorkshire Police says the investors were ‘honest, law-abiding, professional people’ who thought their money was safe in a ‘virtually risk-free’ scheme which would net a large return. In reality, their trust was abused and many got nothing back. Some were wealthy, but some lost their pensions and life savings, wreaking devastation on their lives.
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. Police believe the total sum could be as high as £30million.
Four trials, 13 convictions
After a three-year investigation, the UK-based suspects were charged, but the trial in 2020 had to be abandoned after 10 weeks due to Covid. In Spring 2022 the prosecution resumed with four trials at Birmingham Crown Court, split due to the size of the court and time needed to hear the evidence.
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 ended in conviction for six defendants, including Denton, but Oakley was acquitted on one count and the jury could not decide the other.
- Jonathan Irvin Denton, 64, from Staffordshire – 15 years for two frauds totalling £25M
- Rhys Wyn Williams, 42, from Anglesey, pleaded guilty – nine years for money laundering and fraud offences.
- Lisa Alaw Williams, 41, from Anglesey, pleaded guilty – 16-month suspended sentence for money laundering.
- Susan Georgina Gillies, 56, from London – seven-and-a-half years for money laundering.
- Jamie Halfpenny, 48, from Hampshire – seven-and-a-half years for fraud.
- Jason Robert Curtis, 55, from Cheshire – nine years for money laundering and theft.
A second trial, of four West Midlands-based defendants, began in December 2022. After eight months, three of the four were found guilty. On September 1 2023, they were sentenced at Birmingham Crown Court.
- Andrew Luckhurst, 72, from Lichfield – 17 years for eight counts of theft and four counts of fraud.
- Nicholas Shaw, 62, from Nuneaton – 10 years for three counts of fraud.
- Ian Campbell Bascombe, 60, from Essex – 4 years 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 2024.
- Adrian Dunne, 58, from London – 15 years for three counts of fraud.
- Tony Webster, 56, from London – 15 years 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, and this time the jury did reach a verdict.
- Simon Charles Oakley, 57, based in Cheshire – eight years for fraud after retrial.
‘A herculean effort’
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.”
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