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Ucis fraudster's sentence increased for failing to pay confiscation order

Ucis fraudster's sentence increased for failing to pay confiscation order

Ross Peters, who was convicted of running an unauthorised investment scheme in 2015, has been sentenced to an additional 400 days in jail for failing to comply with a £136,200 confiscation order.

Peters was sentenced to five and a half years in jail in for his part in an unauthorised collective investment scheme that caused investors to lose £4.3 million.

He was ordered to pay £136,200 on 10 January 2017 and only managed to come up with £20,900 by the 27 April deadline. After his extended prison sentence, he will still be liable for the debt. A total of £6,700 has since accrued and it is continuing to at a rate £26 a day.

All confiscated monies will be used to compensate victims of his crime, according to the Financial Conduct Authority (FCA).

Mark Steward, director of enforcement and market oversight, said: ‘Confiscation orders cannot be ignored and will be enforced to ensure wrongdoers are held to account and their victims compensated as far as possible.’

The FCA had managed to confiscate £2.2 million form Peters and six others who were convicted alongside him in May 2017. 

All were involved with Plott Investments, European Property Investments (UK) and Stirling Alexander Ltd, which claimed to hold an investment portfolio of agricultural land.

In 2015, Peters received a separate six month prison sentence for breaching the terms of a restraining order under the Proceeds of Crime Act. This prevented the defendants from disposing or spending any assets or money earmarked by the courts.

However, he was found to have breached the terms of the order by shifting £237,000 out of his bank accounts and selling two racehorses and a Rolex watch, among other items.     

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