Dead Lancashire man convicted in connection to £28M Bitcoin fraud ring

A Lancashire man, James Parker, has been arrested in reference to a Bitcoin fraud ring that stole £28 million from an Australian cryptocurrency web site. Based on authorities, the scheme started in 2017 after Parker found a loophole that allowed him to steal cash from the cryptocurrency buying and selling web site. He allegedly used the stolen cash to help his lavish way of life.

Parker, together with different co-conspirators, used the loophole to siphon cash from the web site, stealing cash value £20 million in credit over the subsequent three months.

Authorities claimed the cash from the unlawful act had been laundered by Parker’s corrupt monetary adviser Stephen Boys, who labored with the Winster Courtroom in Clayton-le-Moors. Parker, who found the error, then implicated others who have been integral to the gang’s enterprise.

Lancashire police investigation uncovers Bitcoin fraud ring

Based on authorities, the Bitcoin fraudster lavishly spent the cash from his enterprise. For instance, individuals on the road got £5,000 present vouchers, and Parker, who’s initially from Blackpool, gave new vehicles to individuals he met within the pub.

Through the investigation, police recovered 445 BTC, value £22 million on the time.

In addition to the BTC, police additionally seized luxurious watches, houses, unique vehicles and a number of other designer gadgets, together with a wine cooler value £600 from the group. They’ve additionally recovered greater than £1 million from numerous financial institution accounts.

Lancashire Police mentioned it was working with a number of worldwide regulation enforcement companies, together with authorities in Australia, Finland and the Crown Prosecution Service (CPS) to arrest the criminals. Based on police, Parker died in 2021 earlier than prosecution, whereas his co-conspirators have been convicted in January 2023.

Through the trial, Boys, Parker’s monetary adviser, revealed that he had taken £1 million in a suitcase to purchase a villa from some Russians he met within the again workplace of an property agent. Boys additionally mentioned he paid some corrupt officers cash totaling £60,000 to proceed his cash laundering actions.

Boys got six years in jail for cash laundering.

Members of Bitcoin Fraud Ring Sentenced to Jail

Different members of the group have been additionally convicted for his or her function within the felony operation. Jordan Robinson, from Fleetwood, was sentenced to eight and a half years in jail. He pleaded responsible to 3 counts of conspiracy to commit fraud, buying felony property and changing felony property.

One other member of the group, Kelly Caton from Blackpool, was additionally jailed for eight and a half years on numerous counts. She was responsible of conspiracy to commit fraud, acquisition of felony property and conversion of felony property.

In the meantime, James Austin-Beddoes from Lytham was given a suspended sentence on the identical fees.

Through the Proceeds of Crime Act listening to at Preston Crown Courtroom on Friday, the police financial crime unit revealed it had seized belongings value £4 million from Robinson, £8 million from Caton, £1,100 from Austin-Beddoes and £8 million from Parker. . The sufferer misplaced round £24.5 million to the gang, and police famous they’ve been absolutely compensated.

As a result of enhance within the value of the stolen Bitcoins, the quantity seized was roughly £3 million greater than the quantity stolen. Proceeds shall be cut up between the courts, Lancashire Police and the Residence Workplace.

DS Dave Wainwright from the Financial Crime Unit highlighted the challenges of the investigation. “This has been an especially difficult investigation that has examined our use of the Proceeds of Crime Act,” he mentioned. He additionally expressed his happiness at absolutely compensating the sufferer, noting that the criminals couldn’t revenue from their theft. “I want to thank my colleagues within the police pressure and the CPS who contributed to this wonderful end result,” he added.

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