Serious Fraud Office
London fraudster jailed for failing to pay confiscation order
At a confiscation enforcement hearing at Westminster Magistrates’ Court yesterday, fraudster Jolan Saunders was jailed for almost nine years for failing to pay his multi-million pound confiscation order.
The Serious Fraud Office (SFO) secured convictions against Jolan Saunders and his co-conspirators Michael Strubel and Spencer Steinberg in 2015, showing that the men deceived people into investing in Saunders Electrical Wholesale Ltd by lying about supply contracts. The fraudsters overstated minor contracts with the Hilton, Marriott, Plaza and Holiday Inn hotel chains and flatly lied about a non-existent contract to supply the Olympic village for the London 2012 Olympics.
Saunders, Strubel and Steinberg took almost £80m from investors from their London base and spent it on yachts, expensive property and luxury cars. Jolan Saunders and Michael Strubel were each jailed for seven years, while Spencer Steinberg was jailed for six years and nine months.
After an investigation by the SFO’s Proceeds of Crime team uncovered that Saunders held millions of pounds in criminal assets, he was ordered to pay £5,262,301.03 to compensate his victims.
Despite the SFO showing clear evidence of Saunders’ £4.5m in hidden assets from his fraud, Saunders has made no attempt to use this money to pay his confiscation order. Instead, he has stalled and asserted, without evidence, that he hopes to pay the confiscation order through “major project works at blue chip hotels” – echoing the false claims he made to those whom he defrauded.
Commenting on the case, John Carroll, Chief Operating Officer of the SFO, yesterday said:
“With callous disdain for those he has harmed, Jolan Saunders has resorted to falsehoods and obfuscation to avoid paying compensation to the victims of his pernicious fraud.
“We will not allow him to do so. He has rightly been jailed and we will continue to fight to deliver justice and return compensation to his victims.”
Following his failure to take steps to pay his confiscation order, the Court activated Saunders’ default prison sentence. Saunders has been imprisoned for 3,236 days, or just under nine years.
With accrued interest and the small amounts paid by Saunders, the amount he owes, as of 27 July 2021, is £5,756,311.46. The SFO will continue to take steps to recover his illicit gains.
The Serious Fraud Office (SFO) fights complex financial crime, delivers justice for victims and protects the UK’s global reputation as a safe place to do business. We investigate and prosecute the most serious or complex cases of fraud, bribery and corruption. We also recover the proceeds of crime worldwide.
Under Director Lisa Osofsky, we have secured convictions against 21 individuals and companies, recovered over £1 billion of illicit gains, and secured eight agreements with companies including Serco, G4S and Airbus, compelling them to pay penalties and reform to prevent future law-breaking.
Notes to Editors:
- Jolan Saunders pleaded guilty in July 2015 to one count of conspiracy to defraud and one count of acting as a director of a company whilst disqualified. He was sentenced to seven years in prison for the conspiracy to defraud charge and one year, to run concurrently, for acting as a director whilst disqualified. Jolan Saunders was handed his confiscation order on Monday 9 September 2019.
- Strubel was tried and found guilty by a jury in February 2015, and was sentenced to seven years. Michael Strubel was handed his confiscation order of £2,131,362.30 on Tuesday 10 September 2019.
- In February 2015, a third defendant, Spencer Steinberg, was also found guilty by jury of conspiracy to defraud. Steinberg was handed a confiscation order in 2017, based on his (negligible) realisable assets at the time of the hearing.
- The individuals’ confiscation orders could be increased if the value of their realisable assets changes.
- More information on the case can be found
Latest News from
Serious Fraud Office
SFO traces and seizes additional funds from Shropshire training contract fraudsters31/08/2021 16:25:00
The Serious Fraud Office (SFO) has secured increased confiscation orders against Silinder Singh Sidhu and Paul Kent, two men convicted in 2010 of rigging further education and training contracts operated through the Shropshire Learning Skills Council (SLSC).
SFO charges five persons with bribery and money laundering19/08/2021 13:05:00
The Serious Fraud Office (SFO) has charged five individuals with bribery and money laundering in relation to the suspected payment of bribes to win contracts within the UK construction sector.
SFO announces investigation into Gavin Woodhouse and associates09/08/2021 16:15:00
The Serious Fraud Office (SFO) is investigating suspected fraud and money laundering in relation to the conduct of business by Gavin Woodhouse and individuals and companies associated with him.
“Effective and proactive” recovery of the proceeds of crime23/07/2021 15:05:00
The Serious Fraud Office (SFO) has been praised by HM Crown Prosecution Service Inspectorate (HMCPSI) for its work to recover the proceeds of crime, with cases “handled proactively and efficiently by dedicated and skilled staff.”
We’re defending the UK as a safe place for business30/06/2021 13:05:00
With every technological leap, the nature of global economic crime changes, too. The criminals we investigate move money and information around the world with increasing ease, speed and secrecy.
Former Unaoil executive ordered to pay £402k in confiscation18/06/2021 12:33:00
Following a hearing at Southwark Crown Court before HHJ Beddoe, the SFO yesterday secured a £402,465.65 confiscation order by consent against former Unaoil executive Basil Al Jarah.
SFO seizes £248k from fraudster with account forfeiture order08/06/2021 13:05:00
The Serious Fraud Office (SFO) has secured an account forfeiture order against an account linked to the criminal gains of Virendra Rastogi, one of the architects of a $700m global fraud.
SFO confirms investigation into Gupta Family Group Alliance17/05/2021 08:05:00
The SFO is investigating suspected fraud, fraudulent trading and money laundering in relation to the financing and conduct of the business of companies within the Gupta Family Group Alliance (GFG), including its financing arrangements with Greensill Capital UK Ltd.