James Gillingham jailed for £1m Ponzi scheme
Fraudster conned over 60 victims out of their savings between 2015 and 2016.
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James Gillingham has been sentenced to five years and six months’ imprisonment for his role in a £1 million Ponzi scheme that defrauded more than 60 people. The sentencing took place at Southwark Crown Court on 23 September 2026.
Deceptive Tactics Used to Defraud Investors
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Between June 2015 and October 2016, Gillingham’s associates cold-called potential investors, using aliases inspired by television and film characters, including Harvey Specter from the US legal drama Suits. To bolster the legitimacy of their operations, Gillingham claimed his companies, Choice Option and Blue Crest Capital Options, operated from prestigious London addresses such as Canary Wharf and the Gherkin. However, investigations revealed that the Canary Wharf location was a mail-forwarding service, and only a single desk was leased at the Gherkin.
Victims were promised guaranteed monthly returns ranging from 0.5% to 5%, depending on the investment amount, with a further profit expected after 12 months. The total sum lost by the more than 60 victims reached £1 million, with the largest single loss amounting to £133,900. According to City of London Police, none of the £1 million was genuinely invested. While some investors received payments described as dividends, their initial capital was not returned, nor were any profits generated.
Ponzi Scheme Operations and Aftermath
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The scheme operated by using funds from new investors to pay staff, cover business expenses, and provide dividends to existing investors, rather than through actual trading profits. Aggressive sales tactics were employed to persuade individuals to invest. Approximately £650,000 was allocated to staff payments, with over £200,000 directed to Gillingham and more than £70,000 to Sujanthan Sotheeswaran, identified as his lieutenant. Investors lost access to their online accounts and were unable to contact company staff or withdraw funds by October 2016.
Gillingham, formerly residing in Kensington, left the UK in 2016 and remained abroad for several years. He was deported back to the UK in August 2025 after being convicted of an assault charge in Singapore. He was arrested at Heathrow Airport upon his return. Gillingham pleaded guilty to fraud, money laundering, and perverting the course of justice.
Three other individuals involved in the scheme, Sujanthan Sotheeswaran, Denis Deegan, and Darren Peck, had previously received sentences in 2024. Sotheeswaran was jailed for three years, Deegan for two years and eight months, and Peck received a 21-month sentence suspended for two years.
Asset Recovery and Victim Compensation
Following Gillingham's sentencing, the Crown Prosecution Service (CPS) announced its intention to seek the recovery of any criminal assets held by him under the Proceeds of Crime Act. The aim is to compensate the victims of the fraud.
Questions this report answers
+How much money was lost in the Ponzi scheme?
Over 60 victims collectively lost £1 million between June 2015 and October 2016. The scheme was masterminded by James Gillingham, who has been sentenced to over five years in prison.
+What tactics did the fraudsters use?
The gang posed as characters from TV shows and films, such as Harvey Specter from Suits, to cold-call potential investors. They also claimed to operate from prestigious London offices like Canary Wharf and the Gherkin, which were found to be fake or minimal presences.
+What happens next regarding the stolen money?
The Crown Prosecution Service has stated it will seek to recover criminal assets belonging to James Gillingham under the Proceeds of Crime Act. The intention is to pass any recovered proceeds to the victims as compensation for their losses.
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