Fraud mastermind jailed after being on the run for two years

"James Gillingham was the driving force behind a sophisticated investment fraud that caused significant financial losses to victims.” Told Hayley Wade, from the City of London Police. Gillingham ran a Ponzi scheme which took more than £1 million from 74 investors, who were promised fixed monthly returns and significant profits through managed trading accounts.

James Gillingham's co-defendants were brought to justice in 2024, however Gillingham remained outside the UK in an attempt to avoid sentencing. He was jailed this week for five years and 6 months.

"This sentencing demonstrates that no matter how long it takes, we will continue to pursue fraudsters and work with partners around the world to bring them to justice.” Added Hayley Wade Financial Investigator.

How the Ponzi scheme operated:

* Choice Option and Blue Crest Capital Options the two companies investigated for fraud used marketing staff to cold call potential customers and offer experienced traders to trade on their behalf.

* Customers were persuaded to invest, and told they would make substantial profits and monthly returns.

When fraud investigators dissected the bank accounts, investors funds was used to pay staff, cover business overheads, make monthly repayments to existing customers, yet no money was being used for trading.

Choice Option and Blue Crest Capital Options received more than 1 million in investments.

In October 2016 the operation collapsed and victims were not able to access their money.

Gillingham promptly left the UK after the investigation began in 2016. He remained outside UK jurisdiction for several years. Investigators made several attempts to contact Mr Gillingham, inviting him for a voluntary interview, all the time he remained elusive.

September 2019 James Gillingham was circulated as wanted.

2020 Gillingham was located in Singapore.

He was charged January 2021with fraud by false representation via a postal requisition, he remained in Singapore and asked to attend Westminster Magistrates' Court on 11 February 2021. When he did not attend a bench warrant was issued for his arrest.

14 July 2021 an additional money laundering charge came to light and with it another bench warrant.

Gillingham was deported to the UK in August 2025 after serving a prison sentence in Singapore for unrelated offences, full details remain subject to international information-sharing procedures.

As a warning to fraudsters considering a scam, Claire Busby from the Crown Prosecution Service said “We are taking Gillingham back to court to recover any criminal assets he has, and we will try to pass as much of the proceeds from their sale onto the victims as compensation.”

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