An accomplice to a £4m commercial loans fraud, known as Gresham Ltd, has been sentenced to an additional 2 years and 24 days.
Peter Riley who is mid-way through a 7 year, 8 month prison sentence for conspiracy to defraud will serve the additional time for failure to pay in full a confiscation order amounting to £506,380.57.
He is one of six defendants including ring leader Edward Davenport, who were convicted in 2011 for their part in the loan scam. London based Gresham Ltd, claimed to be able to offer millions in loans to applicants to start up or develop various kinds of business projects, yet none of the numerous victims who were contacted by the SFO received the sums promised.
Riley was ordered in April last year to pay back the proceeds of his crime but £232,407 of the confiscation order is still left outstanding.
District Judge Snow said on 18 March 2014 he is satisfied that it is in the interests of justice to order a default prison sentence to be activated.
