Four men connected to Sustainable AgroEnergy plc have been charged with offences of conspiracy to commit fraud by false representation and conspiracy to furnish false information following an investigation by the Serious Fraud Office into the promotion and selling of “bio fuel” investment products to UK investors.
The value of the alleged fraud is approximately £23m and the offences are said to have taken place between April 2011 and February 2012.
Sustainable AgroEnergy plc is a subsidiary of Sustainable Growth Group (SGG) which were placed into administration in March 2012.
The four men, who are all British nationals and are being charged under section 1 of the Criminal Law Act 1977, are:
- Gary Lloyd West (age 52) of Hertfordshire, the former Director and Chief Commercial Officer of Sustainable AgroEnergy plc
- James Brunel Whale (age 38) of West Sussex, the former Chief Executive Officer of Sustainable AgroEnergy plc
- Stuart John Stone (age 28) of Shropshire, an Independent Financial Adviser associated with Sustainable AgroEnergy plc
- Fung Fong Wong (age 57) of Middlesex, the former Financial Controller of Sustainable AgroEnergy plc
West, Stone and Wong have also been charged with offences of making and accepting a financial advantage contrary to section 1 (1) and 2 (1) of the Bribery Act 2010.
The SFO commenced proceedings yesterday against the four and they will appear before Westminster Magistrates Court on 23 September 2013.