Gresham update

Gresham Ltd and Gresham Finance

The Serious Fraud Office is investigating the company operating as Gresham Ltd and Gresham Finance (London) Ltd (see note 1). This investigation arose from complaints made by victims to the local Police and the Serious Fraud Office.

The company offered commercial loans of up to £250 million, promoting their services by advertising in newspapers, magazines and on the internet.

Applicants for loans were charged between five and fifty thousand pounds for a due diligence check. Once an applicant had paid the due diligence fee they were then asked for a next-stage payment (a security deposit). This would be set at between 1% and 5% of the loan amount. After receiving the payment, the person progressing the application on behalf of Gresham Ltd or a linked company, becomes unavailable or ceased to trade, leading the victim to lose the money they had paid.

The same suspects were also involved in a retail property renting business operating as Gresham Ltd, Park Regent Ltd and Castlereagh London Ltd (see note 2). The suspects used a complex number of company names in their business dealings, including the following: 45 Oxford St Ltd, Renaissance Trust, Cutting and Company (Investments) Limited, Paul Street Media Limited and Alliance Trust (see note 3).

The location of potential victims are believed to be in Austria, Turkey, Cyprus, Bulgaria, Italy, Romania, Dubai and others. The estimated value of the suspected fraud identified so far is approximately £12M.



SFO Appeal

The SFO would like to hear from anyone who believes that they might have information useful to the investigation. The number to call is 0207 239 7079



Notes

1. Gresham Finance (London) Ltd is not to be confused with Gresham Finance Ltd, which is an unconnected company and not under investigation.

2. Castlereagh London Ltd is not to be confused with Castlereagh Ltd of Dublin,, which is an unconnected company and not under investigation.

3. Alliance Trust is not to be confused with Alliance Trust PLC, the FTSE 100 investment trust, which is an unconnected company and not under investigation.

Updates (29/03/2010)

03/12/2009

Search warrants were executed at nineteen addresses in London, Surrey, Cheshire and Derbyshire in a mixture of commercial and residential properties. The SFO were working in conjunction with the City of London Police, the Derbyshire Constabulary and the Cheshire Police.

Five men and one woman were arrested and three appeared at the City of London Magistrates Court..

Three were charged with conspiracy to defraud, deception and money laundering offences. They were:

Edward Ormus Sharington Davenport [dob 11 July 1966]
Martin Peter Riley [dob 1 January 1947]
David Martin Layard Horsfall [dob 9 August 1955]
12/12/2009

David McHugh (dob 11/02/57) charged with Conspiracy to obtain property by deception at Horseferry Road Magistrates Court

26/01/2010

Richard Stephens (formally known as Richard Kirkup) of Little Barn, High St, Calver Derbyshire appeared at the City of London Magistrates charged with conspiracy offences and was remanded in custody.

19/03/2010

Plea and Case Management Hearing at Southwark Crown Court for Edward Ormus Sharington Davenport, Martin Peter Riley, David McHugh and Richard Stephens/Kirkup.

31/03/2010

Davenport, Riley and Stephens/Kirkup were granted conditional bail, McHugh remains in custody.

Trial Date

17 Jan 2011 at Southwark Crown Court



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