A FRAUDSTER who scammed dozens of elderly and vulnerable victims out of investments totalling more than £1million has been jailed.

Ross Perry, 44, fronted the sophisticated scam which offered fabricated low risk, high return ethically-based investment opportunities in water technology with Global Water Group Ltd and Global Flood Defence Consultants.

However, there is no evidence any of the money was ever invested.

Many of the victims were elderly and vulnerable and at least four have sadly died since they were scammed.

Their money was instead transferred from business accounts to personal accounts belonging to Perry, who claimed he spent the cash on a gambling habit.

Perry was appointed as the sole director of the company in October 2019, with the company entering voluntary liquidation in May 2020.

The Insolvency Service provided Essex Police a list of 39 investors, with 16 providing statements to the force which showed their collective loss totalled just short of £1,115,000.

Perry, of Dover Way, Pitsea, was charged with and admitted fraud by false representation between October 1 2018 until May 13 2020 with Global Water Group Ltd, fraud by false representation between August 1 2020 until December 1 2021 with Global Food Defence Consultants, and concealing, disguising, converting, transferring or removing criminal property between October 1 2018 and December 1 2021.

He was sentenced to five years and eight months in prison at Basildon Crown Court last Friday.

Detective Constable Karen Venables, officer in the case, said: “This was a sophisticated and well-constructed scam, preying on often vulnerable victims for financial gain.

“Perry syphoned the money into a personal account, showing little regard for the dozens of people he exploited.

“Sadly, several of his victims did not live to see him face justice. Our team is focused on many sophisticated types of fraud day in, day out.

“The world of investments is extremely vulnerable to fraud.

“The most common investment scams involve fraudsters cold-calling their victims by phone, purporting to be from an investment company.

“They try to sell investments in emerging markets they claim will lead to financial gains higher than the rates of established investments like ISAs.

“In reality, the item offered may not exist or is worthless.

“Often the scammers give details you might think only a genuine investment company will have. They may have details of investments you’ve made, shares you hold and know your personal circumstances.

“Remember, the scammers do their homework and make it their business to know as much about you as possible.”

Perry played an integral part in the investment scam by fronting the operation and contacting the victims, sometimes in person.

Investors would make enquiries online and then would receive telephone calls, post and e-mails including a brochure providing details about investment opportunities in water technology.

Investments were often made via a cheque, but some bank transfers were also made to various business accounts.

The victims even received a certificate of investment and receipts.

Some of the creditors received small monthly interest payments which soon ceased with no warning, and all communication from the company would stop.

Work is ongoing to identify any assets Perry retains in order to compensate the victims.

Anyone who thinks they have uncovered a scam, been targeted by a scam or fallen victim to fraudsters, should contact Action Fraud on 0300 123 2040 or visit the Action Fraud website.