Leader of VAT fraud to pay back £6.8m
THE leading gang member behind a major VAT carousel fraud has been ordered to pay back more than £6.8 million.
Raymond Cox, formerly of New House Farm, Morrilow Heath, near Stone, was originally jailed with five other men for a total of 47 years in 2007. The gang each faced a confiscation hearing to recover their share of an estimated £85 million fraud.
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EXPENSIVE ASSETS: Fraudster Raymond Cox.
Cox's realisable assets include overseas company assets, holdings and accounts totalling £3.8 million, an apartment in Spain worth £260,000, a Rolex watch at £2,500, £2.6 million in cash in part following the sale of a mansion in Staffordshire, a helicopter, a motor yacht and a collection of performance cars.
The case followed one of the biggest ever investigations by HM Revenue & Customs (HMRC), involving nearly 100 mobile phone traders, and two criminal trials prosecuted by the Revenue and Customs Prosecutions Office (RCPO).
Andrew Pavlinic, HMRC assistant chief investigation officer south west, said: "The confiscations for this gang and for Cox in particular show our work, in partnership with the RCPO, doesn't stop when criminals are sentenced. "Together we strive to return the money to the public purse. Anyone with information about tax fraud should call the customs hotline on 0800 595000."
Cox, aged 38, was arrested in 2002 and was sentenced to 12 years after being found guilty of conspiracy to cheat the public revenue. He was also disqualified from being a company director for 10 years.
He has been ordered to repay £6,831,340 in total. He must pay £2.6 million by February 23 and the remaining balance by January 25 next year or serve a further 28 days in prison.
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by 12oley123
Wednesday, November 16 2011, 5:21AM
“go arn coxy,i no of him, well said peter fox its not fair how he got that long in jail proper harsh sentencing for him,he was quit big but certainly not the big man, like you say about branston , there are loads of people in staffs or are involved or wer involved in vat fraud,i swear phones 4 for you guy caudwell must of started of like that but he is massive and legite nah”
by Peter Fox, Manchester
Monday, May 16 2011, 2:02PM
“The 28 days is a mistake by the paper he will serve years if he does not find the money I know Ray and he's not Mr Big just a w/house manager that worked for a well known phone company and saw that he was making millions from a loop hole in the tax law, and decided to do it himself, the real Mr big has never been brought to book WHY ? because he is just a bit too big, Did you know Richard Branson, stated Virgin records the same way, and got a warning for it, its not what but who you know, they never killed anyone, and are no worse that those politicians where are there 12 years sentences, did they have every penny taken off them ? some of these guys did even though they did not earn money out of it.”
by Tony Cascarino, Ireland
Wednesday, August 05 2009, 12:37PM
“Free Coxy!”
by Ruth, haywards heath
Friday, January 30 2009, 6:47PM
“It seems very strange that his confiscation order has been left so late. If he had wanted to he could have challenged the order and won under the Human Rights Act. This makes me wonder if the guy is actually a participating informant as quite a few principals in these cases appear to be. It seems to me this is all a show to make people think he is the Mr Big behind the fraud when in most of these cases Customs never catch the people who set up the frauds or most of the money and if you investigate deeply you will find that the cases are all interlinked. A point of interest is why the many of the mobile phone frauds centre around Stoke. Does the real Mr Big have contacts there or what.”
by graham, Cheadle
Friday, January 30 2009, 2:20PM
“What is a life worth ? obviousley not this much as you only get 8 years or less for murder, this guy never hurt anyone, or stole from an individual, but is made an example of. 12 years, should be less than half that. after all its only money. poor Ray, i feel so sorry for this guy.”