Married couple found guilty of a cold-calling multi-million pound investment scam

A married couple have been convicted today (Thursday, 15 December) for their leading role in a cold calling investment scam of often elderly victims with a total loss of over £2.7 million.

Clint Canning, 44, has been found guilty at Southwark Crown Court of fraud by false representation. Eleise Wallace, 36, was convicted of a money laundering related offence.

Canning was running a binary options investments company, Base 2 Trade, which claimed to be involved in fixed odds betting on the trading direction of businesses. If a potential investor correctly predicts the direction that the price of a share or asset will go they will receive a return.

The company often cold-called elderly or inexperienced investors with claims of how attractive a prospect this company was to deal with. Base 2 Trade claimed to operate out of three offices in central London and some investors visited these premises and were sufficiently impressed to continue a business relationship.

At first the internet portal, which claimed to show the progress of investments, showed substantial profits being made so many victims invested more of their money.

However, when investors tried to withdraw their money, investments, and alleged profits they were fobbed off by the company, ignored or told that for technical contractual reasons they could not withdraw their money. When the victims subsequently monitored the progress of their investments they would see massive losses and that their accounts had zero money left.

Wallace played a substantial role in the company’s management of money. She received investors’ money directly into her personal bank accounts.

They will be sentenced on 3 February, 2023.

Claire Busby of the CPS said: “This was a callous and cruel investment fraud which duped around 173 victims into thinking they were buying into a legitimate fixed odds betting scheme. Many of them were elderly. The scheme proved to be a scam, designed only to defraud victims of their money.

“The fraudsters presented themselves in a credible way and secured the trust of many victims. The only people to benefit from the schemes were the fraudsters themselves.

“I would like to thank the many victims who supported this prosecution, witnesses who assisted in bringing the case to justice, and the hard-working City of London Police team who investigated these defendants.”

The CPS prosecutes all types of fraud including investment fraud. This type of fraud occurs when fraudsters deceive victims to invest based on false information. Often, as in this case, there is little or no real investment opportunity and the whole enterprise is fraudulent.

Whatever the type of investment fraud, the CPS is here to deliver justice for victims where the evidence and public interest supports a prosecution.

How to protect yourself from Financial Investment fraud:

• Investment opportunities: Don’t be rushed into making an investment. Remember, legitimate organisations will never pressure you into investing on the spot.
• Seek advice first: Before making significant financial decisions, speak with trusted friends or family members, or seek professional independent advice.
• FCA register: Use the Financial Conduct Authority’s (FCA) register to check if the company is regulated by the FCA. If you deal with a firm (or individual) that isn’t regulated, you may not be covered by the Financial Ombudsman Service (FOS) if things go wrong and you lose your money. For more information about how to invest safely, please visit: https://www.fca.org.uk/scamsmart

What to do if you’ve been a victim of Financial Investment fraud:

You could be targeted again: Fraudsters sometimes re-establish contact with previous victims claiming that they can help them recover lost money, this is just a secondary scam. Hang up on any callers that claim they can get your money back for you.

Identity theft: If you suspect your identity may have been stolen, you can check your credit rating quickly and easily online. You should do this every few months anyway, using a reputable service provider and follow up on any unexpected or suspicious results.

Legal advice: Seek professional legal advice or contact Citizens Advice, www.citizensadvice.org.uk/ to understand your options. You can also contact the Financial Conduct Authority’s, www.fca.org.uk, consumer helpline on 0800 111 6768 or report suspicious businesses or individuals by using the reporting form on their website.