Pamela Laurento, 50, of Thurncourt in Leicestershire, was introduced to the director of an equity firm that was looking to invest in the UK financial market in 2015. While the fraud happened nearly a decade ago, it has only just gone to trial.

In the scam, Laurento told the unnamed director that she could open a ‘high end’ bank account for the company that could be used to buy a standby letter of credit (SBLC). He was told this was a financial instrument from the bank that could be leased and traded for profit.

Money was paid by the unnamed director of the equity firm into the bank account of Edward Duuk Limited, a company whose sole director was Laurento, which claimed to offer financial intermediation and real estate buying and selling.

Over a short time, Laurento transferred money from the Edward Duuk business account into her own personal account as well as that of family members, and used the funds to buy gifts for herself and her family.

Three years after investing the cash, the victim tried to contact Edward Duuk Ltd about the investment but found the contact details he had were no longer in use. He reported the fraud to Leicestershire Police and an investigation began in 2018.

It was soon discovered that Edward Duuk Ltd had been set up in April 2015 by Laurento, but only ever filed one set of dormant accounts in January 2017, the same month she applied to remove the company from the Companies House register. At the time the company stated it had £10,000 in shareholder funds.

This occurred in April 2017 before Laurento’s victim even tried to contact the business, which was registered through a shell in Covent Garden and never had an office. Laurento had been a director of another company, Bhold Capital (UK) Limited, also initially known as Shore Capital, for five years until May 2015.

Financial checks into what happened to the £250,000 found Laurento had used the 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 relations.

In 2019, Laurento was charged and has now been sentenced following a three-week trial at Leicester Crown Court, sitting at Loughborough, where she was found guilty of three counts of fraud. Laurento was sentenced to a total of six years’ imprisonment.

Sergeant Matt Swift, the investigating officer for Leicestershire Police, 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.’

A 75-year-old woman who was charged with one count of money laundering was found not guilty following the trial.