Two City Businessmen Sentenced for Operating a “Clever and Sophisticated Fraud on Investors”: Angus Bunyan Prosecutes
Terrence Mitchell and Andrew Meikle were sentenced today at Southwark Crown Court for their part in running an investment scheme which the judge described as “an elegantly packaged scam”. Their company, Anglo Wealth Ltd, accepted very substantial deposits from individuals but failed to make proper investments. Instead, the bulk of the funds were dissipated on supporting the defendants’ lifestyles.
Unusually for a prosecution of this type, the investors were re-paid in full (albeit only after the pair knew they faced criminal investigation), but the Crown’s case was that prosecution was nevertheless appropriate because of what the judge described as the “very substantial risk of loss.” Mitchell was convicted of Fraud by False Representation and both he and Meikle were also convicted of Carrying on a Regulated Activity contrary to s.23 of FSMA 2000.
Mitchell received a 2 year custodial sentence, suspended for 2 years and a £175k fine; Meikle a 6 month custodial sentence, suspended for 2 years and a £75k fine. Both men were disqualified from acting as a director of a company for 6 years.
Angus Bunyan was instructed by CPS Serious Fraud Division.