Seven Years: Spencer Steinberg |
A small east London electrical wholesale company was the vehicle used in the scam, which financed the purchase of Rolls Royce, Bentley, Ferrari's and Porsche cars for the organisers, plus yachts and million pound homes.
They were both sentenced to seven years imprisonment.
Seven Years: Michael Strubel |
He was sentenced to six years and nine months imprisonment.
Approximately 91 investors, many from the north and east London jewish community, were cheated.
Jolan Saunders: Six Years Nine Months |
The trio were arrested in December 2010 by the Serious Fraud Office, assisted by officers from the Serious Organised Crime Agency, Met, Essex and Hertfordshire police raided five residential addresses and one commercial premises during Operation Canon.
"Saunders Electrical Wholesalers Ltd (SEWL) was a one man and van set-up," explained Miss Foreshaw.
Saunders forged genuine hotel purchase orders to impress investors, in one case doctoring a genuine £120 lightbulb order to show a fictitious £90,000 order and on another occasion a £4.71 order became one for £79,000.