Irish “Wolf of Wall Street” cons elderly investors out of millions.
The owner of two fake businesses in London. England was found guilty of conning investors out of nearly $4 million. Dylan Creaven is the man who ran these fake businesses. He targeted elderly investors by selling them carbon credits that didn’t even exist. People and businesses usually buy carbon credits to reduce their carbon footprint. His victims were told that the carbon credit market was growing and that investing in it would pay off big time. He promised them huge returns on their investments and required a minimum investment of $5,000 ($6358.09). The problem was that the carbon credits he was pitching to investors did not even exist. He also persuaded many of the same elderly into buying diamonds that were not worth much or did not exist.
Creaven created a macho work atmosphere among his employees. This atmosphere encouraged intimidation in the office and caused employees who were too soft with investors to be made fun of. Creaven allegedly gave motivational speeches to his clients to “rev them up” before talking to investors. Employees were also allowed to keep crates of beer in the office. This office behavior deemed Creaven as the Irish “Wolf of Wall Street.”
Although Creaven and his business partner Andrew Rowe conned investors out of millions of dollars they will not be able to do so anymore. In April of 2018 both Creaven and Rowe were sentenced to 13 years in jail for this “boiler room” fraud. The decision was made at Blackfriars Crown Court in London after a 6 week trial.