CPS secures convictions of 14 defendants in £28m investment fraud case
The Crown Prosecution Service (CPS) has announced the conviction and sentencing of 14 defendants for their involvement in a £28m investment fraud that exploited over 3,500 victims. The defendants were convicted at Southwark Crown Court following four trials held over two years, with sentences ranging from suspended terms to seven and a half years imprisonment for ringleader Mark Rowe. The fraud involved a 'bait and switch' scheme targeting timeshare owners, typically aged 55-80, who were sold worthless investment products called 'Monster Credits' after being promised assistance with disposing of their timeshares. The scheme operated through businesses based in Tenerife and the UK, with defendants using fraudulent advertising, cold calling, and hard sales techniques to persuade victims to purchase the worthless investments for sums ranging from £6,000 to £80,000. The CPS worked with the South West Regional Organised Crime Unit in the six-year investigation and will now pursue recovery of assets through its Proceeds of Crime Division.