Men convicted in £10m fraud trial

11 Sep 2012

The SFO has announced (http://www.sfo.gov.uk/press-room/latest-press-releases/press-releases-2012/guilty-verdicts-in-10m-fraud-trial.aspx?intEmailHistoryId=778390&intEmailListId=133&intEmailId=60099&intExternalSystemId=1) that two people have been convicted in relation to a fraud that targeted UK investors and expatriates in Majorca. Another man pleaded guilty prior to trial. The men operated a Ponzi scheme whereby investors’ money was diverted to support their own lifestyle rather than to achieve promised growth on the US stock market. Sentencing will take place on 31 August 2012 with confiscation and compensation proceedings to follow. The scheme attracted £10 million worth of investment and it is calculated that around £5 million was siphoned off.