£115m Ponzi fraud

It was described in the media as the biggest Ponzi Scheme ever to be tried in this country. Our client was acquitted at Southwark Crown Court of deceiving hundreds of victims out of £115 million by recklessly making a misleading, false or deceptive promise. He was also acquitted of one count of fraud in relation to acting against the interest of his investors.

One defendant who was described as “Britain’s Bernie Madoff” had already pleaded guilty to several offences connected to the scheme and was subsequently sentenced to 14 years and 6 months for his part. Our client was found guilty of one regulatory offence and received a short custodial sentence.

The City of London Police together with assistance from the Financial Services Authority had interviewed hundreds of investors in relation to the scheme and as such had conducted a long and detailed investigation. The preparation required to ensure our client was fully prepared for a lengthy trial and acquitted of the more serious charges was considerable.

BBC Article link

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