Lancashire Police have recovered £28 million worth of assets from a gang involved in international bitcoin fraud. The investigation led to the seizure of Bitcoin, luxury goods, and bank accounts, compensating the victim in full.
Lancashire Police have made a significant recovery in assets worth £28 million from a group of international bitcoin fraud sters. The scam originated in 2017 when James Parker, a resident of Blackpool, exploited a vulnerability in an Australian cryptocurrency trading platform, enabling him to steal funds. Over a three-month period, Parker and his accomplices siphoned off more than £20 million in credits.
Parker's corrupt financial advisor, Stephen Boys, who earned the moniker 'Rodney' from the popular television show 'Only Fools and Horses', played a crucial role in laundering the stolen money. The illicit gains were so substantial that the gang distributed £5,000 gift cards to random individuals on the street and purchased vehicles for people they encountered at local pubs. During the trial, Boys confessed to the court about his involvement, detailing how he transported £1 million in cash in a suitcase to purchase a villa from Russian nationals he met in the back office of an estate agent and paid £60,000 to bribe corrupt officials to facilitate the money laundering operation.The investigation led to the recovery of 445 Bitcoin, valued at £22 million at the time, along with a collection of luxury watches, houses, cars, and designer goods, including a £600 wine cooler, in addition to over £1 million in bank accounts. These assets will be returned to the victim. Lancashire Police collaborated with international law enforcement agencies, including those in Australia and Finland, and the Crown Prosecution Service to bring the perpetrators to justice. James Parker passed away in 2021 before he could face prosecution. However, his co-conspirators were sentenced in January 2023. Stephen Boys, 61, from Clayton-le-Moors, received a six-year prison term for money laundering. Jordan Robinson, 26, from Fleetwood, was sentenced to four and a half years for conspiracy to commit fraud, two years for acquisition of criminal property, and two years for converting criminal property. Kelly Caton, 24, formerly of Blackpool, was also sentenced to four and a half years for conspiracy to commit fraud, two years for acquisition of criminal property, and two years for converting criminal property. James Austin-Beddoes, 30, from Lytham, received a suspended sentence for conspiracy to commit fraud, acquisition of criminal property, and converting criminal property.A Proceeds of Crime Act (POCA) hearing held at Preston Crown Court revealed that the Economic Crime Unit had successfully seized assets totaling £4,029,293.13 from Robinson, £7,928,308.59 from Caton, £11,670,329.30 from Boys, approximately £8,000,000 from Parker, and £1,100 from Austin-Beddoes. The total loss suffered by the victim amounted to £24.5 million, and they have been fully compensated. Due to the significant increase in the value of Bitcoin acquired by the criminals, the amount seized exceeded the original fraud by approximately £3 million. The surplus will be distributed among the Home Office, the courts, and Lancashire Police. DS Dave Wainwright, from the Economic Crime Unit, commented: 'This has been an extremely challenging investigation that tested our utilization of the Proceeds of Crime Act. I am pleased that the victim has received full compensation and that the defendants have been prevented from profiting from their criminal activities. The defendants have three months to comply with their court orders or face the risk of another 14 years in prison. 'I would like to express my gratitude to colleagues across the police and CPS who contributed to this outstanding result.
Bitcoin Fraud Lancashire Police Money Laundering Proceeds Of Crime Act International Crime
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