Exchange barristers secure criminal convictions and £23 million confiscation order
January 23, 2025
Barristers from Exchange Chambers have successfully acted for the CPS in prosecuting a high-value cryptocurrency scam and securing a multi-million-pound confiscation order.
The criminal case was prosecuted by Kevin Slack, leading Charlotte Atherton, from Exchange Chambers.
After a 6-week trial at Preston Crown Court, Stephen William Boys, 56, was convicted of money laundering along with Kelly Caton, 46, and Jordan Kane Robinson, 26, who were also convicted of fraudulently obtaining millions of Australian Dollars from an Australia-based cryptocurrency exchange and then laundering it. On 13 January 2023 they were sentenced to six years, four and half years, and four and half years’ imprisonment respectively.
Ian Whitehurst from Exchange Chambers was instructed in the subsequent Proceeds of Crime Act (POCA) hearing with the three convicted money launderers ordered to pay a total of £23,629,031 through a Confiscation Order made this month.
All three were associates of James Parker, who masterminded the scam from his residence in Blackpool over a three-month period between October 2017 and January 2018. James Parker identified and then exploited a loophole on the cryptocurrency trading platform, which allowed him and his associates to dishonestly obtain credits worth more than £20 million at that time.
Over three months, James Parker withdrew dishonestly obtained crypto assets worth £15 million from his trading account. His associates, Caton and Robinson, dishonestly withdrew £2.7 million and £1.7 million respectively, from their accounts.
In January 2021, James Parker died before he could be prosecuted and brought to justice. CPS Proceeds of Crime Division has worked closely with Lancashire Police to make sure none of the individuals keeps their ill-gotten gains. Working with specialist officers from the North West Regional Organised Crime Unit (NWROCU) to identify the assets obtained through unlawful conduct. A Civil Recovery Order was obtained in the High Court with the estimated value of nearly £1,000,000 in respect of Mr Parker’s property. A very significant amount of the laundered assets has been returned by his estate to of the Australian cryptocurrency exchange.
Andrew Kerrigan of the Crown Prosecution Service said: “These defendants profited from the laundering of tens of millions of pounds worth of Australian dollars and converting it into cryptocurrency. Cyber-enabled crime presents an increasing threat to economic stability, but this case illustrates the reach of the CPS to target the proceeds of crime internationally.
“The CPS worked with the police to value their criminal benefit from this large-scale cryptocurrency fraud and identify the assets held by the defendants. The Confiscation Order set by the Judge reflects all the assets available to the defendants.
“In the last five years, £450 million has been recovered from CPS obtained Confiscation Orders, ensuring that thousands of convicted criminals cannot profit from their offending. £88 million of that amount has been returned to victims of crime, by way of compensation.”
DS Dave Wainwright, from Lancashire Police’s Economic Crime Unit, said: “This has been an extremely challenging investigation which has tested our use of the Proceeds of Crime Act. I am pleased that the victim has been compensated in full and that the defendants have been unable to benefit from their criminal activity.
“The defendants have three months to comply with their court orders or face risking another 14-years imprisonment.
“I would like to thank colleagues from across the police and CPS who contributed to this outstanding result.”
