ASIC permanently bans Australian mastermind of UK fraud (2015)

Status unknown

✓ Checked against the primary document on October 2, 2026. The library's summary, tags and figures for this record were compared with the regulator's own document by an AI model (Claude) following written instructions, with sampled and disputed records read a second time. No lawyer has reviewed them. A checked record can still contain errors, and checked does not mean endorsed. See how we check records or report a correction.

Report an error in this record (asic-15-119mr-boiler-rooms-2015) by email

In 2015, the Australian Securities and Investments Commission permanently banned Jeffrey Revell-Reade from providing financial services in Australia after his conviction in Great Britain over a GBP 70 million boiler room fraud. He was serving a jail sentence of nine and a half years in the UK. The release states no monetary figure for the ASIC action itself.

The record

What was ordered

Civil penalty

—

Disgorgement

—

Prejudgment interest

—

Total relief

—

Alleged gain

—

A dash means the release did not state a figure we could extract, not that the figure is zero. Penalty and disgorgement are stored separately so aggregates across the library do not double-count the same dollars.

What is alleged to have happened

the Australian Securities and Investments Commission announced this matter on May 21, 2015 as release 15-119MR. The respondent named is Jeffrey Revell-Reade, an Australian who ASIC says was the mastermind of a boiler room fraud scheme that snared more than 1,000 investors and was investigated by the UK Serious Fraud Office from 2007. He was convicted in June 2014 and sentenced to nine and a half years in the UK; ASIC responded with a permanent ban from financial services in Australia.

The release says nothing about what securities the scheme sold or how the calls were run, and the ASIC action is a banning order, not a trading case. The tag rests on the release's own description of the underlying UK scheme as a boiler room fraud.

This library tags the matter as boiler rooms, based on the conduct the document describes. The tagging is ours, not the regulator's: agencies charge statutory provisions, not technique names.

For the regulator's own account of the facts, read the primary document linked above. This page deliberately summarises the structured record rather than reproducing the release.

What technique is this, and how does it work?

This action is tagged with one technique in our taxonomy. The tagging is ours: regulators charge statutory provisions, not technique names, so the mapping is an editorial judgement described in our editorial policy.

• Boiler rooms — see how it works, what statute it engages, and every other action tagged the same way.

Timeline

1. 2015-05-21 ASIC media release

Primary documents

Everything on this page derives from the documents below. Where our summary and the primary document disagree, the primary document is right.

• ASIC media release

The linked release is published by the issuing regulator under its own terms. Our summary and narrative above are our own writing.

Related actions

Other actions in the library sharing at least one technique tag with this one.

Record added September 10, 2026. submit a correction.