After the final trial in the near deacde-long investigation by North Yorkshire Police finished, the force has now revealed how many investors lost their life savings at the hands of devious conmen.

The investigation, named Operation Circus Two, saw the force take statement from witnesses from across the globe including in the UK, America and the Far East. However, there were a number of North Yorkshire-based victims who lost thousands of pounds to the fraudsters.

Although the exact figure has not been revealed, it is thought the investors lost around £30m as a result of the scheme.

North Yorkshire Police first began investigating in 2015, when the result of a previous probe – called Operation Circus – led to the force recieving reports than a Simon Oakley was working with a London-based lawyer called Jonathan Denton, and an investment scheme they were promoting was dubious and likely fraudulent.

The force uncovered a number of victims in the North Yorkshire area, and discovered several complex and convoluted ‘Ponzi’ schemes. Similar to ‘pyramid’ schemes, Ponzi schemes are elaborate frauds that lure investors with promises of huge returns, paying profits to early investors with funds from more recent investors.

While some investors did receive money back, most lost everything. Some were wealthy investors, however many were people who were investing their pensions or life-savings into the scheme, believing they were dealing with honest, law-abiding financial advisors.

Following three years of investigating, UK-based suspects were charged and although they originally were due to stand trial in 2020, the Covid pandemic meant they did not stand trial until 2022.

Four trials were held at Birmingham Crown Court due to the expected length of the trials, and the size of the courtrooms.

The first trial of seven defendants, all connected in different ways to the schemes, lasted 25 weeks, with the verdicts delivered in December 2022.

Denton, now 64 and from Staffordshire, who was a former solicitor, was jailed for 15 years for two frauds totalling £25m, while Rhys Wyn Williams, now 42, from Anglesey, pleaded guilty and received nine years’ imprisonment for money laundering and fraud offences.

Lisa Alaw Williams, now 41, from Anglesey, pleaded guilty and was given a 16-month suspended sentence for money laundering. Susan Georgina Gillies, now 56, from London, received seven-and-a-half years’ imprisonment for money laundering.

Jamie Halfpenny, now 48, from Hampshire, received seven-and-a-half years’ imprisonment for fraud, and Jason Robert Curtis, now 55, from Cheshire, received nine years’ imprisonment for money laundering and theft.

The seventh defendant, Oakley, now 57 and a former financial adviser based in Cheshire, was found not guilty on one charge and the jury could not decide on a verdict for another. A new trial date was then set for January 2024.

A second trial of four West Midlands-based defendants, began in December 2022 and after eight months, three of the four were found guilty. On Friday 1 September 2023, they were sentenced at Birmingham Crown Court, with Andrew Luckhurst, 72, of Lichfield, being jailed for 17 years for eight counts of theft and four counts of fraud.

Nicholas Shaw, 62, from Nuneaton, was jailed for 10 years for three counts of fraud. Ian Campbell Bascombe, 60, from Essex was sentenced to four years’ imprisonment for fraud.

A fourth man tried at the same time was found not guilty of any offences.

The third trial of two further defendants started in September 2023, and concluded just before Christmas. Both were found guilty of fraud offences and were remanded in custody. They were sentenced on Friday (Apr 26).

Adrian Dunne, 58, and Tony Webster, 56, both from London, were both jailed for 15 years each for three counts of fraud.

Oakley’s retrial of began in January of this year, and the court heard Oakley was the ‘architect’ of the original Ponzi scheme, along with Jonathan Denton. The jury found him guilty of fraud, and was sentenced to eight years’ imprisonment on March 21. A Proceeds of Crime confiscation investigation will now follow.

DI Janine Mitchell, Head of Economic Crime at North Yorkshire Police, said: “I’d like to pay tribute to the small team of investigators, who managed a vast and complex investigation with commitment and professionalism. This investigation was a herculean effort and the guilty verdicts and lengthy jail terms given to many of the defendants are a testament to their determination to secure justice.

“The frauds investigated as part of this operation didn’t just target wealthy investors. Some of the victims were elderly and vulnerable, and others were working people like plumbers, carpet fitters, postal employees and even a retired police officer.

“I hope coverage of this investigation will serve as a reminder to be vigilant against investment fraud: before making significant financial decisions, speak with trusted friends or family members, or seek professional independent advice.”

Details of multi-million pound Ponzi scheme revealed by police for first time after near decade-long investigation