The mastermind behind a fraudulent investment scheme that defrauded victims out of more than £1 million has been jailed for five and a half years following a lengthy City of London Police investigation and years of international efforts to bring him before the courts.

The fraud, which operated through companies Choice Option and Blue Crest Capital Options (BCCO), persuaded members of the public to invest in purported binary options trading schemes that promised guaranteed returns and substantial profits.

James Gillingham, 38, of no fixed abode, was identified by investigators as the central figure behind the operation.

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, who investigators identified as the mastermind behind the scheme, remained outside the jurisdiction during those proceedings and was not before the court at that time.

The scheme took more than £1 million from 74 investors, who were promised fixed monthly returns and significant profits through managed trading accounts. Instead, the operation collapsed in October 2016, leaving victims unable to access their accounts or recover their money.

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 to victims.

“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.”

Evidence gathered during the investigation showed that Gillingham played a leading role in the operation of the fraud. Investigators found he recruited staff, secured serviced office premises, created marketing materials and account documentation, and exercised sole control over the banking arrangements linked to the scheme.

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

The companies employed brokers who cold-called members of the public and persuaded them to invest in managed trading accounts. Investors were told that experienced traders would make trades on their behalf, generating substantial profits and guaranteed monthly returns.

The investigation found these claims were false. Analysis of company bank accounts showed investor money was used to fund staff payments, business overheads and dividend payments to existing investors, rather than generating profits through genuine trading activity. More than £1 million was paid into accounts connected to the scheme before it ultimately collapsed.

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, inviting him to attend a voluntary interview. When those efforts were unsuccessful, a BBC Crimewatch appeal was broadcast in September 2019 and Gillingham was circulated as wanted.

Extensive international enquiries subsequently located Gillingham in Singapore in 2020. On 4 January 2021, he was charged with fraud by false representation via a postal requisition sent to his home address in Singapore. When 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 allegations made against him were untrue.

Singaporean authorities informed City of London Police that Gillingham had been convicted of unrelated offences in Singapore after pleading guilty in August 2025. Prior to his arrest, Gillingham had been living in Singapore and was deported to the UK in August 2025 after being convicted and serving a prison sentence there for unrelated offences.

Singaporean authorities also informed investigators that Gillingham committed further offences while on bail, although full details remain subject to international information-sharing procedures.

Following his deportation to the UK, Gillingham was brought before the courts to answer for his role in the £1 million investment fraud.  Due to Gillingham submitting a false tenancy agreement in support of a bail application, he was charged with a third offence of perverting the course of justice.

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