A woman has been jailed after conning an equity firm director into investing a quarter of a million pounds into a fake investment – using the funds to buy gifts for herself and her family.
In 2015, Pamela Laurento was introduced to the director of an equity firm that was looking to invest in the UK financial market. Laurento told him that she could open a “high end” bank account for the company that could be used to buy a Standby Letter of Credit (SBLC), which they understood to be a banking instrument that could be leased and traded for profit.
Money was paid by the director of the equity firm into the bank account of Edward Duuk Limited – a company whose only director was Laurento.
Over a short time, 50-year-old Laurento transferred money from her company account into her own personal account as well as that of family members.
The victim later tried to contact Edward Duuk Limited about the investment but found the contact details he had were no longer in use. A report was made to police and an investigation began in 2018.
Financial checks found Laurento had used money to pay off the mortgage of a family member as well as buying a car, paying for house renovations and buying wedding rings for family members.
In 2019, Laurento was charged. On Friday (2 May), following a three-week trial at Leicester Crown Court, sitting at Loughborough, she was found guilty of three counts of fraud.
Laurento was sentenced to a total of six years’ imprisonment. A 75-year-old woman who was charged with one count of money laundering was found not guilty following the trial.
Sergeant Matt Swift, the investigating officer, said: “Laurento saw an opportunity to use the money given by an investor for her own gain.
“Even though an examination of financial transactions showed the money being paid into personal accounts, she continued to deny any wrongdoing meaning that the case went to trial.
“This investigation began in 2018 and it’s taken until now for a trial to be heard. Thankfully, several years since Laurento committed her crimes she has now been brought to justice and must face the consequences of her actions.
“The case has had a significant impact on the victim and the Economic Crime Unit will now look to obtain compensation for him through the Proceeds of Crime Act.”
