Five convicted fraudsters who amassed a fortune in a horse racing betting scam have had assets worth more than £7.5 million confiscated following a hearing today, 23 July, at Brighton Crown Court.
John (Jock) McCracken, 48, formerly of Whitehawk Road, Brighton was today ordered to pay back £240,000. The judge gave him six months to repay the amount. McCracken faces a jail sentence of three years if he fails to repay the sum within this time.
Previously on 14 May 2014, Paul Spicer, 39, formerly of Dyke Road, Brighton was ordered to repay £3,050,000 within six months. He faces an eight year jail sentence if the amount is not repaid. His twin brother Gregory Spicer (no image available) formerly of The Drove, Brighton was ordered to repay the same amount, with the same repayment conditions.
On 16 May 2014, John Brice, 41, formerly of Sandringham Road, Hove was ordered to repay £414,000 within six months, or face a four year jail sentence. Matthew Thole, 41, of Michaelston-y-Fedw, Cardiff was ordered to repay £850,000 within six months or face a jail sentence of four and a half years.
The judge ordered that twenty-one victims, who gave evidence in the original criminal trial, will receive over £130,000 between them.
All five defendants have also been made subject of Financial Reporting Orders (FROs), requiring them to submit a detailed report, with every detail of their finances, to the police every year for the next five years.
Today’s confiscation hearing was the culmination of a complex investigation into the fraudulent dealings of the five men. Two criminal trials resulted in Paul and Gregory Spicer being convicted of conspiracy to defraud in June 2010. They were each sentenced to seven years’ imprisonment. Subsequently in July 2013, John Brice, Matthew Thole and John McCracken were convicted of the same offences. Brice and Thole each received prison sentences of four years, with McCracken receiving a five year sentence.
The five men were all involved in a horse racing betting scam, where hundreds of thousands of members of the public were sent glossy brochures encouraging them to join fake horseracing betting investment schemes. The brochures all contained guarantees of profits as well as testimonials from fictitious users. Complaints were received from across the UK and detectives estimate the fraudsters amassed several million pounds from the scam. Paul and Gregory Spicer acquired a property portfolio of 16 properties in Malaga and Mijas, Spain.
The London Regional Asset Recovery Team (RART) worked in conjunction with Merton Trading Standards and Sussex Police‘s Financial Investigations Unit on the case.
DS Marek Coghill of the London Regional Asset Recovery Team, said:
“These men amassed a fortune from this betting scam and I am delighted that as well as receiving custodial sentences, they are now having the proceeds of their crimes confiscated. The success of the financial investigation which has led to today’s confiscation orders being made reflects the determination of the Regional Asset Recovery Team and our partners to remove the profits of criminal enterprise. I am pleased that the courts have recognised the large amount to be made from this type of crime, leading to today’s terrific result.”
