Richard Gunter was sentenced in June for his part in the fraud but his case was subject to reporting restrictions until today. Tried separately, another jury was unable to reach agreement after the six-week trial of Robin Grove, a second defendant.
This brought to an end a series of linked investment scams investigated and prosecuted by the Serious Fraud Office (SFO).
Gunter admitted to dishonestly obtaining money from individuals living mainly in the US and Canada using investment programmes based on various alcohol products.
The investments were sold through the UK-based Hallmark Partnership and later through a number of UK-based companies controlled by the directors, including Vintage Hallmark.
In a boiler room selling operation, the SFO said American and Canadian ponzi scheme victims were lured with the promise of high rates of return over relatively short periods of time. Two such examples were rates of 50% returns over ten months from investments in champagne and a 110% return over three months from investments in whisky.
The scammers then tried to convert the amount owed on the deals into interest-bearing promissory notes before then converting them into worthless shares in Vintage Hallmark. Nearly £30m was obtained in the series of scams.
Grove was acquitted at Harrow Crown Court of one count of false accounting but remains disqualified from acting as a company director for a period of 15 years and prohibited from undertaking investment business in the UK.
“I am pleased with the outcome of the three linked cases," said SFO diretcor Richard Alderman. "Over the past few years the SFO has successfully prosecuted a number of individuals connected with these frauds. This brings a close to past wrong-doing.”
Gunter and four other defendants had already been convicted and sentenced in Southwark Crown Court to four-and-a-half years’ imprisonment in September 2008 for involvement in a similar investment scam.
