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Tampa, Florida
Two men from the United Kingdom have been found guilty of a massive investment fraud and money laundering scheme that swindled victims out of over $137 million. United Kingdom citizens Paul R. Gunter (64, Odessa, Florida; originally of London) and Simon Andrew Odoni (56, Hertfordshire, UK) were convicted of three counts of conspiracy to commit mail fraud, wire fraud, and money laundering, as well as nineteen counts of mail and wire fraud, and fourteen counts of money laundering.
According to the evidence presented at trial, from at least as early as July 2004 through at least March 13, 2008, Gunter, Odoni, and others engaged in a sophisticated investment fraud and money laundering scheme, in which worthless stock in hijacked dormant, publicly-traded companies in the United States was sold to victim-investors, primarily in the United Kingdom. The scheme was facilitated using boiler room telemarketers, mostly in Spain, who employed high pressure and misleading sales techniques.
The victim-investors wired more than $127 million to Gunter’s bank accounts in the Middle District of Florida. The conspirators bilked victim-investors out of another $10 million via a FOREX currency trading scheme, which also utilized the boiler rooms in Spain.
Gunter, Odoni, and their co-conspirators used the victim-investors’ funds to perpetuate the fraud scheme and for their own personal enrichment. Victim-investors’ funds were used to buy, among other things, an airplane, two vessels, vehicles, including a Ferrari, and real property in the Caribbean islands, England, and Florida.
The investigation, led by U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, Tampa, Florida, as well as the U.S. Secret Service, Tampa, Florida and Newark, New Jersey Field Offices, found that the conspirators used the victim-investors’ funds to buy an airplane, two vessels, vehicles, including a Ferrari, and real property in the Caribbean islands, England, and Florida.
Gunter and Odoni each face a maximum penalty of 20 years in federal prison on each of the conspiracy charges and each of the separate mail and wire fraud charges, and up to 10 years on each of the money laundering charges. A sentencing date has not yet been set. Both individuals will also be ordered to forfeit real property, bank accounts, an airplane, vessels, and vehicles purchased with proceeds of the fraud scheme. As part of the investigation, federal agents seized nearly $5 million U.S. currency.
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Key Facts
- State: Florida
- Category: Fraud & Financial Crimes|White Collar Crime
- Source: DOJ Press Release ↗
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