Thames Valley Police
Press Release:
Saturday 18 February 2017, 4:27pm
Two men have been sentenced for duping victims in a £362,000 wine scam, following a Thames Valley Police investigation.
Thomas Hole, aged 31, of Rectory Crescent, London, was sentenced to
four and a half years’ imprisonment and Ryan Fraser, aged 25, of Hemnall
Street, Epping, Essex, was sentenced to a total of three years and four
months’ imprisonment at Southwark Crown Court on Friday 10 February.
Thomas Hole was convicted by majority jury of one count of conspiracy
to defraud following a four-week trial at the same court which
concluded on 3 February.
Ryan Fraser pleaded guilty to one count of conspiracy to defraud at a
previous court hearing in January 2016 and pleaded guilty to a further
count of conspiracy to defraud on the first day of his trial on 9
January 2017.
Both men were also disqualified from being company directors for 10 years.
Two other defendants who stood trial; Mohammed Boodhoo, aged 38, of
Ruxley Lane, Epsom, Surrey, was acquitted of one count of conspiracy to
defraud and Kenneth Fraser, aged 50, of Thornwood Road, Epping, Essex,
was acquitted of one count of conspiracy to defraud.
A company, Premier Wine Investment Limited, was set up which offered
investment in Bordeaux, fine wine. Various people were cold called and
were persuaded to invest. They were told that they should leave their
investments to grow in value over a number of years which most investors
did, allowing the defendants to be able to use the money without being
immediately detected.
To overcome the suspicions of their bank, a new company similarly
named which just added an ‘s’ on to Wine, was set up. The formation of
Premier Wines Investment Limited, in June 2012, allowed the offenders to
continue to convince victims to pay their money in to a new separate
account with a different bank, allowing them to continue their criminal
activity.
The investigation, carried out by Thames Valley Police’s Economic
Crime Unit, identified 13 victims, most of whom were approaching or
enjoying their retirement.
The victims did not realise that instead of the company purchasing
fine wine for them, the money was being used by the defendants on
payments to their own bank accounts, was withdrawn in cash, was used on
expensive overseas travel, on spa days, bespoke tailoring and on meals
at restaurants.
The only money which was spent on wine was the wine that the
defendants purchased and consumed themselves. Between December 2011 and
August 2013 the defendants conspired together to defraud people by
making false, misleading and dishonest representations about the value
and existence of wine.
Investigating officer Det Con Steve Conroy, of the Economic Crime
Unit, said: “Thomas Hole and Ryan Fraser preyed upon the naivety and
vulnerability of potential investors when they defrauded the victims in
this case. This was a crime motivated by their greed which resulted in
them taking thousands of pounds of other people’s retirement money and
savings for themselves. Their contempt for the victims, who were mainly
retired or elderly, showed they had no thought for the impact on their
lives or the hardship they caused as a result.
“The sentences passed show that these offences are taken seriously by
police and the Economic Crime Unit will pursue those who offend to
ensure they are brought to face justice.”
