A GANG of fraudsters stole £1.4 million from 40 victims in a “sophisticated” investment scam before splashing the cash on jewellery, holidays and living expenses.
Ami Damoussi, Stuart O’Donnell and Grant Mackintosh were sentenced for their roles in the operation which ran between 2015 and 2017, at Basildon Crown Court yesterday.
Prosecuting, Andrew Price told the court it was a sophisticated crime and investors were persuaded to buy shares that did not exist.
He added: “There was a total loss of £1.4million to 40 victims and the scheme saw seven bogus companies created. Victims were given assurances of investment as well as a guarantee to sign and were promised real time updates online showing their investments.
“It was very persuasive and when the victims asked for their money back they were strung along and kept at arms length.
“There is significant evidence of money being paid into accounts and it being withdrawn very quickly after. It was spent on things like holidays, jewellery, and everyday living expenses.”
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Mitigating for Damoussi, 32, of Eastwood Old Road, Leigh, Kevin Toomey told the court “he was a very different offender” compared to his co-defendants .
Speaking for O’Donnell, 35, of Stradishall, Newmarket, Mike Warren said he didn’t disguise himself and was “not in a front of house role”.
Mitigating for Mackintosh, 37, of Martingale, Benfleet, Nick Bonehill said: “He was…
