Craig Clark acquitted of a 7 million pound boiler room fraud

Our client was acquitted by the Jury at Ipswitch Crown Court of his involvement in an alleged international boiler room fraud.

Two other defendants were sentenced at Ipswich Crown Court for running an illegal high pressure, share-pushing operation from call centres in Spain. Around 1,250 investors in the UK were persuaded to buy over £7 million worth of shares. Using their "Gordon Gekko" contract notes to complete the transactions, the team were alledged to have siphoned off around 80% of the invested funds. Craig Clark who was represented by Bark & Co. was acquitted by the jury of any wrongdoing.

David Arthur Vidgeon(DOB 02/01/1980), a UK national resident in Spain was sentenced to seven years imprisonment.
Rahul Natwar Patel(DOB 09/09/1975), a UK national resident in Spain was sentenced to seven years imprisonment.
They were found guilty of conspiracy to defraud, contrary to Common Law, on 15 July. Three other defendants, Baldur Sigurdsson, Roland Pibworth (tried in absentia) and Craig John Clark were acquitted.

SFO Director Richard Alderman said: "A boiler room is a predatory and orchestrated 'attack' on private investors so it's very satisfying to see justice delivered for such callous dishonesty. I hope that publicity of today's outcome will serve as a warning for people to think twice when hard-sell investment offers, usually unsolicited, appear tempting. 'No' is the right answer".

Outline

David Vidgeon and Rahul Patel conspired to defraud investors, many of whom were retired and elderly, by high pressure selling of shares in small/obscure companies, with false claims as to their future worth. This fraudulent sales practice was carried out by unlicensed offshore brokerages known as "boiler rooms" under the control and direction of Vidgeon and Patel. The period covered is April 2003 to November 2006.

The lynchpin in the fraud was Vidgeon. He arranged and controlled the deals between the boiler rooms in Spain and the UK companies whose shares they were to sell to unsuspecting investors. Vidgeon obtained these companies through the sourcing activities of an intermediary. Together they supplied several sales operations with companies' shares to sell. These were based in Spain, one of which was in Barcelona and operated by Rahul Patel. Two other persons suspected of criminal involvement in Patel's enterprise fled the jurisdiction. »  Craig Clark acquitted of a 7 million pound boiler room fraud