A large-scale fraud investigation, one of the biggest ever conducted by North Yorkshire Police, has come to a close after years of trials, resulting in multiple convictions for key figures involved in a £30 million Ponzi scheme. The extensive operation, known as Operation Circus Two, spanned several years and uncovered a complex network of fraudsters, targeting vulnerable investors across the UK and beyond.
The investigation, which began in 2015, focused on Simon Oakley, a former financial adviser, and Jonathan Denton, a solicitor from London. The two men were found to be behind fraudulent investment schemes, which promised high returns to investors but were revealed to be nothing more than Ponzi schemes—using new investors’ funds to pay earlier ones.
The scams, operating under the guise of legitimate investments, caused devastating financial and personal losses for many victims, some of whom lost their entire life savings, including pension funds. The fraud was widespread, with victims across the UK, Europe, and further afield. Despite the complexity of the schemes, a series of high-profile trials held at Birmingham Crown Court saw the majority of the defendants convicted.
- Jonathan Irvin Denton, 64, a former solicitor from Staffordshire, was sentenced to 15 years in prison for defrauding investors out of £25 million.
- Rhys Wyn Williams, 42, from Anglesey, pleaded guilty and received 9 years for his role in money laundering and fraud.
- Simon Oakley, 57, a financial adviser, was found guilty of fraud in 2024 and sentenced to 8 years after a retrial, concluding his involvement as the “architect” of the Ponzi scheme.
Other defendants, including Andrew Luckhurst, Nicholas Shaw, Adrian Dunne, and Tony Webster, were also sentenced to lengthy terms for their involvement in the fraud, while some were found not guilty.
The investigation has been hailed as a “herculean effort” by DI Janine Mitchell, Head of Economic Crime at North Yorkshire Police. She commended the police team’s professionalism and determination throughout the investigation, which spanned multiple years and international borders. The operation highlighted the widespread nature of financial crimes, affecting not only wealthy individuals but also vulnerable, elderly, and working-class victims.
DI Mitchell emphasized the importance of vigilance against investment fraud. She advised investors to seek independent advice and always check whether companies are regulated by the Financial Conduct Authority (FCA) before committing to any financial decisions.
The case serves as a stark reminder of the devastating effects of financial crime, underscoring the need for heightened awareness and caution when making significant investment choices.