A criminal syndicate operating in Lancashire has been ordered to repay a staggering £24.5 million to the victim of their elaborate cryptocurrency scam. The illicit scheme, spearheaded by the late mastermind James Parker from Blackpool, came to light in 2017 when Parker uncovered a loophole in an Australian cryptocurrency trading platform, enabling him to embezzle funds. Accompanied by his accomplices Stephen Boys, Kelly Caton, and Jordan Robinson, the group managed to siphon off over £20 million worth of credits within a three-month period before being apprehended and sentenced for money laundering.
Recent proceedings at Preston Crown Court revealed that Lancashire Police successfully recouped assets exceeding £28 million from the fraudsters. Although Parker passed away in 2021 prior to facing charges for orchestrating the fraudulent operation, his co-conspirators were held accountable. Robinson forfeited assets totaling £4,029,293.13, Caton relinquished £7,928,308.59, and Boys surrendered a substantial £11,670,329.30. Parker’s estate yielded approximately £8 million, while James Austin-Beddoes handed over £1,100. In addition to monetary assets, luxury items such as watches were confiscated as part of the investigation.
The victim of this extensive fraud was made whole through full compensation, as confirmed by law enforcement authorities. Remarkably, the value of Bitcoin holdings seized from the criminals surpassed the initial amount stolen by roughly £3 million. Following the surplus, proceeds were divided among the Home Office, the judicial system, and Lancashire Police. The fraudulent activities generated substantial profits, with £5,000 in gift cards distributed to individuals on the street and cars purchased for acquaintances of Parker met at local establishments.
During court proceedings, Boys disclosed how he transported £1 million in cash within a suitcase to acquire a property from individuals he encountered at an estate agency. He also admitted to paying off corrupt officials with £60,000 to facilitate money laundering activities. The investigation led to the recovery of 445 Bitcoins valued at £22 million, as well as various assets including real estate, vehicles, designer goods, and a wine cooler valued at £600. Bank accounts containing over £1 million were also frozen as part of the crackdown on the criminal syndicate.
Boys, hailing from Accrington, received a six-year prison sentence for offenses related to money laundering, while Caton and Robinson, residents of Blackpool and Fleetwood respectively, were each sentenced to four years and six months for fraud and money laundering. Austin-Beddoes of St Annes faced an 18-month suspended sentence for his involvement in criminal activities. Detective Sergeant Dave Wainwright described the investigation as highly complex, expressing satisfaction over the victim’s full restitution and the prevention of the criminals profiting from their misdeeds.
The convicted individuals have been given a three-month ultimatum to comply with court orders, failure to do so may result in an additional
