#260038 by TerranceBoyce
Mon Jul 13, 2015 6:45 am
http://www.watfordobserver.co.uk/news/13409506.Watford_man_jailed_for_21_months_after__boiler_room_fraud_/?
The significance of this case is that it demonstrates that claiming not to know that the money is the proceeds of crime isn't necessarily any defence,
The significance of this case is that it demonstrates that claiming not to know that the money is the proceeds of crime isn't necessarily any defence,
13 July 2015
It was then that his nephew approached him saying he needed the use of a bank account for payroll scheme and everything was "above board".
Mr Smith said "He had no idea a member of his family was part of a boiler room fraud."
Boiler room fraud is the name given gangs who cold call targets and pressurise them to part with money over the phone.
But by allowing the money to be paid in and then withdrawing it and transferring £249,000 to the bank of a Spanish company, Vauls had been helping to "launder" the money.
Passing sentence Judge Martin Griffith said fraudsters operating scams like boiler house frauds depended very often on having access to legitimate bank accounts through which the money could pass.
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