Man jailed after victims lose life savings

A man has been sentenced to five years in prison following a major investigation into investment fraud.

Devon and Cornwall Police said the victims, many of whom were elderly, believed their money was being invested into shares, currencies and cryptocurrency by a company claiming to an international financial asset specialist.

Stephen Kpere-Daibo, 48, of Guildhouse Street in London was convicted of money laundering at Southwark Crown Court on 26 March.

Police said they have identified 17 victims across the UK, with the total fraud involving more than £570,000.

The investigation was launched in August 2018 when Devon & Cornwall Police was contacted by a bank in Plymouth.

The bank reported that an elderly customer was trying to transfer a large sum of money leading staff to believe he was the victim of fraud.

Police said examination of the account the Plymouth victim paid into revealed a string of victims who had invested into a company called Beside Asset Management and other fraudulent investment companies.

Those behind the conspiracy set up fake websites for each company and contacted victims by cold calling via phone.

Each victim was provided login details to track their investment, and after making an initial profit they agreed to invest further.

Contact between the victims and fraudsters continued for months via phone calls and emails.

However, when they tried to withdraw money they were given a variety of excuses including having to wait 90 days, them not having invested enough, the money being tied up in China or needing further money to be paid to get it released.

Each victim paid their money into a variety of different accounts, none of which were in the name of the company they invested with.

Kpere-Daibo, a former financial advisor, was identified in relation to the fraud after sums of cash were shown as having been transferred to him, police said.

The financial investigation showed Kpere-Daibo had received payments initially invested by the victims and spent the money on meals out, hotels, football tickets and paying credit card bills.

He was arrested at Heathrow Airport on 26 January 2019 and found in possession of a bank card for an account the victims had paid into.

Det Insp Dan Parkinson, from Devon and Cornwall Police, said: "Sadly this crime type is on the rise. Nationally criminals stole £879.8m through investment fraud last year - an average of £2.4m a day."

He said some victims reported they had lost as much as £250,000.

Sentencing at Southwark Crown Court, Judge Karu described it as "a complex investigation" that "necessarily took time".

Speaking about the victims, she said "many were elderly and had invested life savings or pensions".

She added that victims felt "embarrassment at being hoodwinked", and one of them felt "scarred mentally".

The court heard Kpere-Daibo held a PhD in chemical engineering from UCL, and the judge said he came from "a high achieving and wealthy family".

She said Kpere-Daibo's "criminality would not have stopped" had it not been for the bank in Plymouth raising concerns about a suspicious transaction.

In sentencing, Judge Karu said 21 days already spent during which Kpere-Daibo had been electronically tagged and one night spent in custody would contribute towards the five year sentence.

• Before making any investment, use the FCA's firm checker tool, to confirm whether a firm or individual is authorised. The tool can be accessed via the FCA website and is one of the most effective ways to avoid cloned firms and bogus advisers

• Be cautious of unsolicited messages, adverts promising unusually high returns, or requests to keep the offer "confidential"

• Report any suspicious activity to Report Fraud as soon as possible

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