Four fraudsters who used a Hove business as a front for a £1 million diamonds scam have been told that they face long jail sentences.
Three of the four men denied fraud but have been convicted at the Central Criminal Court – better known as the Old Bailey.
The fourth admitted fraudulent trading before the trial of his three fellow crooks started on Wednesday 31 July.
All four will be sentenced by the judge Mr Recorder Michael Wood on Friday 27 September.
They are
- The ringleader Adam Simmons, 27, who has homes in Malaga and Marbella in Spain
- His father Michael Simmons, 53, of Lion Hill, Stone Cross, near Pevensey
- Adam Simmons’s brother-in-law Adam Leach, 29, from Hambleton Close, Eastbourne
- Lee Miller, 32, of Sackville Road, Bexhill, who pleaded guilty
They used No 1 Gems as a front for their “boiler room” fraud, selling diamonds for much more than they were worth to unwary investors.
No 1 Gems was set up in 2011 and traded from a serviced office at Maritime House in Basin Road North, at the Hove end of Shoreham Harbour.
Maritime House offers clients a fully serviced business centre and yacht marina.
No 1 Gems was raided by police last September but the company had been closed with the gang making plans to set up another business under the name Pinnacle in Eastbourne.
Eight victims gave evidence over the past three weeks although police are concerned that others may be too embarrassed to come forward.
One pensioner was conned out of his £140,000 life savings to buy diamonds that cost £10,000.
Another victim, from America, parted with £220,000, while another pensioner, from Stoke, paid £5,600 for a £350 diamond.
David Durose, for the Crown Prosecution Service, said: “This was not an investment. This was a scam.”
Adam Simmons had denied knowing that the scam was taking place, blaming his father and brother-in-law.
No 1 Gems was featured on the Scambook website last year.
