New Pictures Crooked stockbroker jailed for a second time while already under scrutiny for an earlier fraud

A corrupt stockbroker exposed by The Mail on Sunday has been jailed for a second time after he took part in a further investment scam while already under scrutiny for an earlier fraud.

Stephen Todd, 37, of Tower Hamlets in East London, headed Hamilton Bentley and Partners, an investment firm I warned against in 2007. 

It illegally ran a scheme marketing plots of land that had no planning permission for development.

Corrupt: Todd set up his own stockbroking firm, White Square Investments. It collapsed in 2009 and he later agreed not to act as a company director for at least ten years

Despite this, Todd was allowed to set up his own fully authorised stockbroking firm, White Square Investments. 

It collapsed in 2009 and he later agreed not to act as a company director for at least ten years. 

He broke this agreement by secretly controlling IPR Capital Limited, which marketed investments in a South American gold mine, despite not owning mining rights. The company failed in 2015 with liabilities of £10 million.

Last May, after a lengthy and complex investigation by the Metropolitan Police, Todd was convicted of fraud and offering unlicensed investment deals.

He was jailed for seven years, but reporting was banned because he was awaiting trial for a separate scam involving The Commodities Link Limited. 

This offered investments in rare earth metals that are used in industry, but there was no two-way market for ordinary investors.

The company was investigated by Surrey Police after a tip-off from a bank manager who became suspicious when an elderly customer asked to transfer £100,000 to the fraudsters. Police found that The Commodities Link raked in over £800,000 from its victims.

At Kingston Crown Court, Todd admitted being part of a conspiracy to commit fraud. He has now been sentenced to a further year in jail after he completes his existing sentence. 

Todd is still authorised by the watchdog Financial Conduct Authority as a financial adviser, though he is listed on its public register as currently ‘inactive’.

Six others in the rare earth metals fraud were jailed for up to five years, including Darren Flood, 40, of Hertford, who faces 30 months in prison.

Flood was married to Victoria Beckham’s sister and used the Beckham connection to suggest the scam was legitimate.

Detective Inspector Matthew Durkin, of Surrey Police, said: ‘This company tried to appear professional and legitimate to the outside world, but all they were is professional criminals – thieves in suits.’

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News Photo Crooked stockbroker jailed for a second time while already under scrutiny for an earlier fraud
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