A joint investigation by London and US police has revealed how one of Britain’s biggest fraudsters operating out of Spain cheated thousands of Britons out of an estimated £80m while he lived a life of luxury.
Between 2004 and 2008 Richard Pope, from Hertfordshire, was one of the leaders of an international crime gang that used a network of Spanish boiler rooms to target UK investors, many of which were elderly and vulnerable.
Detective Superintendent Bob Wishart, from City of London Police, said: "This is one of the worst crimes I have ever had to investigate and Richard Pope is on a par with some of the most unpleasant villains out there.”
Pope, 53, has now pleaded guilty to conspiracy to commit mail and wire fraud in a Federal Court in Florida. He could now face up to 20-years in prison.
City of London Police said they worked with their US counterparts to uncover how the conspirators stole the identities of dormant companies and used high-pressure sales tactics to sell millions of pounds of worthless shares.
Mobilestream was one of the four businesses that formed part of the scam. Cold-callers sold it as an up and coming company when in reality it was just a worthless entity. websites and false press releases were used to give further credibility to the gang’s bogus investment opportunities that would ultimately account for at least 2,300 victims.
London police said many were left penniless, some even destitute. One individual was conned into handing over $1 million. The stolen money was funnelled off into US bank accounts, where it was used to finance the boiler room operation and enjoyed by the gang leaders.
Pope spent millions of pounds on a jet-set lifestyle that saw him buy a plane and a sailing yacht.
His operation began to unravel when UK victims complained to their banks about investments made through one of Pope’s associates.
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