Four individuals have reportedly been jailed over their involvement in a multi-million pound Bitcoin cryptocurrency fraud. Per the report, these people conspired in a conspiracy to fraudulently swindle others of BTC worth £21 million between October 2017 and January 2018.
A Prosecutor named Jonathan Kelleher said, “These offenders used the internet from the comfort of their own homes to obtain tens of millions of pounds worth of Bitcoin which did not belong to them.”
More Details About The Charges
Reportedly, the scammers included three men and one woman, whose ages ranged from 24 to 54. Each of them was convicted of fraud and is currently jailed for 15 years, transferring criminal property at Preston Crown Court.
The four of them, namely, Stephen Boys, Kelly Caton, Jordan Robinson, and James Austin-Beddoes, worked with ringleader James Parker, who died in 2021 before he could be prosecuted for initiating the conspiracy from his Blackpool home.
The court reportedly discovered that he exploited an escape clause to withdraw fraudulently-obtained crypto assets worth £15 million from his trading account on an Australian-based cryptocurrency exchange.
To convert the cryptocurrency into real-world money, Parker’s financial adviser Stephen Boys, worked with a UK national based in the United Arab Emirates and then laundered via several foreign-based online accounts.
According to a Crown Prosecution Service spokesman, a significant amount of the funds have been recovered or are in the process of being returned thanks to an Australian cryptocurrency exchange.
Offenders To Face Jail Term
Each of the offenders is said to face a jail term of nothing less than a year. Stephen Boys, found guilty of converting and transferring criminal property, were jailed for six years. Kelly Caton was convicted of fraud, converting and acquiring criminal property, and jailed for four-and-a-half years.
Jordan Robinson, charged with the same crime as Kelly and will face a four-and-a-half years jail term. James Austin-Beddoes, found guilty of fraud and acquiring criminal property, pleaded guilty to converting criminal property earlier and will face 18 months in jail and will be suspended for a year.
