Two men have been convicted for their roles in defrauding investors out of £70 million in what is believed to be the UK's largest boiler room scam, bringing the total number of individuals convicted in relation to the fraud to nine.

Two men have been convicted for their roles in defrauding investors out of £70 million ($117.3 million) in the UK's largest ever boiler room scam, bringing the total number of individuals convicted in relation to the fraud to nine.

Australian national, Jeffrey Revell-Reade, 49, was convicted of one count of conspiracy to defraud in relation to an investigation that was launched by the Serious Fraud Office in 2007.

From 2003 to 2007, 1,000 UK investors were defrauded of £70 million in a boiler room fraud scheme he masterminded.

The court heard that Revell-Reade set up the scheme, under which sales entities operating from Madrid sold shares in US-listed companies on a fraudulent basis.

Investors in the companies bought shares that had restrictions on their resale for a 12-month period. When the investors came to sell the shares after the expiry of this period, they often found that they were unable to do so as they were worthless, and that the shares were in shell companies or companies that were not operating at all.

Anthony May, 58, who lived in Switzerland and then moved to Spain, was also found guilty of one count of conspiracy to defraud. May administered the processing of shares distributed to investors and managed the finances of the conspiracy, using and managing off-shore bank accounts to distribute the funds obtained as part of the conspiracy.

Revell-Reade and a third defendant, Robert Manning, 63, from Leeds, were found not guilty of one charge of corruption arising from the conduct of the fraud.

"The victims were deliberately charmed, lied to and bullied, whatever it took to make them send their money to these criminals. The profits from this fraudulent scheme were used to fund lavish lifestyles featuring numerous overseas properties, wine collections, luxury yachts and private jet hire," SFO director David Green said.

Related convictions

Six individuals were sentenced to between three and seven years in custody in May 2013, but restrictions on the reporting of the trial were only lifted following the outcome on Wednesday.

The six are Daniel Gooding, 39, from Brentwood, Shaun David Rumsey, 33, from Basildon, Philip Morris, 38, from Biddenden, Jon Steven Frank Emery, 36, from Romford, Ian Hughes, 34, from Hainault, and Emma Farmer, 41, from Brentwood.

A seventh defendant, Michelle Coleman, 62, from Brentwood, Essex pleaded guilty to three counts of money laundering. The total laundered sum was £252,425 of which £158,000 was retained by Coleman personally.

Following her plea, the defendant was sentenced to 21 months' imprisonment, to be suspended for two years.