A Conservative party activist who produced Brexit The Movie faces a possible...
...jail sentence after he admitted lying to secure a £519,000 investment in his fledgeling hedge fund.
David Shipley, 36, was a leading voice in the campaign for Britain to pull out of the EU, and was one of the people behind the pro-Leave film, which featured Nigel Farage and David Davis and came out a month before the 2016 referendum.
He will be sentenced next month after he admitted lying about his earnings to secure the investment in his company, Spitfire Capital Advisors, in 2014.
Shipley appeared in the dock to plead guilty to a charge of fraud. Judge Michael Grieve QC warned him: “This is a fraud involving £500,000, so a custodial sentence is a very likely outcome.”
Spitfire Capital put £50,000 into the crowdfunded film. Its Leicester Square premiere was attended by then Ukip leader Mr Farage, Tory MPs Mr Davis, John Redwood and Jacob Rees-Mogg and TV star Lizzie Cundy — and there were cries of “freedom” from the audience.
Mr Munday told the court prosecutors had opposed Shipley being released on bail after learning he had been boasting that he would flee before being jailed.
“He said ‘if they convict me, I’ll have enough time to leave the country before I’m sentenced’,” said Mr Munday. The prosecutor said there was “discussion of setting up a business in Malaysia”.
Benjamin Narain, defending, said Shipley is not “trying to evade justice” and is due to have a medical procedure for a bowel condition, as he applied for sentencing to put back until next month.
“The background to the case is what might be described as erratic behaviour in the workplace, which may be indicative of a nervous breakdown,” he added. Judge Grieve agreed to bail Shipley to his home in Great Missenden, Bucks, until April 25. Shipley pleaded guilty to one charge of fraud by false representation. A second charge of fraud by abuse of position will be left to lie on file.
“He lied to a potential investor in the new, start-up business, and the investor put £519,000 into the company,” prosecutor Gareth Munday told Southwark crown court on Friday.
He said Shipley’s business partner Hunter DuBose, also a producer on the film, was then convinced to plough £450,000 into the firm. “The company wouldn’t have existed but for the lies Mr Shipley told,” said Mr Munday.
