James Gillingham, 38, of no fixed abode, was identified as the central figure behind the fraud, which operated through companies Choice Option and Blue Crest Capital Options (BCCO).

Members of the public were cold-called and persuaded to invest in purported binary options trading schemes. Investors were told experienced traders would manage accounts on their behalf and were promised returns and substantial profits.

However, the claims were false. More than £1 million was paid into accounts connected to the scheme before it collapsed in October 2016, leaving victims unable to access their accounts or recover their money.

An investigation by the City of London Police found that investor funds were used to pay staff, cover business overheads and make dividend payments to existing investors, rather than generating profits through genuine trading activity.

Financial analysis identified Gillingham as the single largest beneficiary of the money invested in the scheme. He received more than £202,000, approximately 20 per cent of all funds invested.

Investigators found that Gillingham played a leading role in the operation. He recruited staff, secured serviced office premises, created marketing materials and account documentation, and had sole control over banking arrangements linked to the scheme.

In January 2024, three of Gillingham's co-defendants were sentenced for their roles in the fraud after being convicted at Southwark Crown Court. Gillingham remained outside the UK during those proceedings.

Financial Investigator Hayley Wade, from the City of London Police, said:

"James Gillingham was the driving force behind a sophisticated investment fraud that caused significant financial losses.

"While his co-defendants were brought to justice in 2024, Gillingham remained outside the UK and attempted to avoid facing the consequences of his actions.

"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.

"Fraudsters often present investment opportunities that appear professional and legitimate, but promises of guaranteed returns should always be treated with caution. We would urge anyone considering an investment to carry out independent research and seek regulated financial advice before parting with their money."

Claire Busby from the Crown Prosecution Service said:

"While James Gillingham’s prison sentence brings one chapter to a close, we have to remember the scores of victims who continue to live with the financial burden of his fraud.

“They were callously duped into giving away portions of their life savings to an unscrupulous con artist only interested in making money for himself.

“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.”

Years spent outside the UK

Gillingham left the UK after the investigation began in 2016 and remained outside the jurisdiction for several years.

Between January and April 2019, investigators made repeated attempts to contact him using four separate email addresses and invited him to attend a voluntary interview. After these attempts were unsuccessful, a BBC Crimewatch appeal was broadcast in September 2019 and Gillingham was circulated as wanted.

International enquiries located Gillingham in Singapore in 2020. On 4 January 2021, he was charged with fraud by false representation through a postal requisition sent to his home address in Singapore.

After he failed to attend Westminster Magistrates' Court on 11 February 2021, a bench warrant was issued for his arrest. A further bench warrant was issued on 14 July 2021 following the authorisation of an additional money laundering charge.

In October 2022, investigators identified online video footage, which has since been deleted, in which Gillingham denied being wanted by UK police and claimed the allegations against him were untrue.

Gillingham was later convicted of unrelated offences in Singapore after pleading guilty in August 2025. He was deported to the UK after serving a prison sentence there.

Following his return to the UK, Gillingham was brought before the courts for his role in the investment fraud. He was also charged with perverting the course of justice after submitting a false tenancy agreement in support of a bail application.

Protect yourself from investment fraud

  • Before making any investment, use the FCA’s firm checker tool, to confirm whether a firm or individual is authorised. The tool can be accessed via the FCA website and is one of the most effective ways to avoid cloned firms and bogus advisers.
  • We encourage anyone considering an investment to be cautious of unsolicited messages, adverts promising unusually high returns, or requests to keep the offer “confidential”.
  • The City of London Police is reminding the public that any suspicious activity should be reported to Report Fraud as soon as possible at www.reportfraud.police.uk or by calling 0300 123 2040. In Scotland, victims of fraud and cybercrime should report to Police Scotland on 101.
  • You can also contact the Financial Conduct Authority’s consumer helpline on 0800 111 6768 or report suspicious businesses or individuals by using the reporting form on their website

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