Convicted property fraudster Edward Davenport has been ordered to pay £13.9m in confiscation and compensation costs. The order at Southwark crown court came after he was convicted of conspiracy to defraud in October 2011. He had pleaded guilty to a £4m commercial loan advance fee fraud. He was convicted, along with eight others, for his role in Gresham – a firm which promoted itself falsely as a long-established prestigious financial organisation capable of lending millions of pounds as venture capital. Davenport was given six months to pay the confiscation and compensation orders and a 10-year sentence of imprisonment in default of payment. Judge Testar said: “In the end I have decided that the risk of Mr Davenport retaining some of the fruits of his crime is one that my public duty dictates I should not take.” Davenport was sentenced to seven years, eight months in prison in 2011, following a prosecution brought by the Serious Fraud Office. Joanna.bourke@estatesgazette.com
Convicted property fraudster Edward Davenport has been ordered to pay £13.9m in confiscation and compensation costs.
The order at Southwark crown court came after he was convicted of conspiracy to defraud in October 2011. He had pleaded guilty to a £4m commercial loan advance fee fraud.
He was convicted, along with eight others, for his role in Gresham – a firm which promoted itself falsely as a long-established prestigious financial organisation capable of lending millions of pounds as venture capital.
Davenport was given six months to pay the confiscation and compensation orders and a 10-year sentence of imprisonment in default of payment.
Judge Testar said: “In the end I have decided that the risk of Mr Davenport retaining some of the fruits of his crime is one that my public duty dictates I should not take.”
Davenport was sentenced to seven years, eight months in prison in 2011, following a prosecution brought by the Serious Fraud Office.
Joanna.bourke@estatesgazette.com
