A couple from Friern Barnet conned people into investing more than £1 million into their dying business in order to fund a lavish lifestyle, which included renting a luxury mansion in Hadley Wood, a fraud trial heard this week. Tony and Danielle Rose convinced more than 100 people, including pensioners and widowers, to buy shares in a business which claimed to prevent crime and track cars. But the pair, from Hatley Close, used the money to buy a £24,000 holiday in St Lucia, a stretch limousine, Jaguar and Toyota cars and a £2.5m property in the borough. Tony Rose, 57, faces jail after he admitted charges of conspiracy to defraud and money laundering. His wife, aged 50, was told she would be spared a custodial sentence after pleading guilty to a lesser charge of inducing an investor contrary to the Financial Services and Marketing Act.
Southwark Crown Court heard how Car Bug Trader Plc began carrying out what is known as boiler room fraud', where worthless shares are sold, after forging links with a Spanish crime syndicate. Judge Christopher Hardy said: "They were working hard to give the impression that they were people to be trusted. "This type of offence is extremely serious and undermines confidence in the business community. "The couple began cold-calling potential victims with fake business qualifications and CVs. Danielle claimed to have been a director with Disney. They persuaded dozens of people to invest, including a farmer from Orkney in Scotland, who was left with nothing after buying £70,000 in shares. He was told the company would be the new Microsoft' and his shares would increase in value from £3.50 to £12. The pair will be sentenced on December 7.