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'Mini Madoff' found guilty of serious investment fraud

Published on 10 Mar 2010 under category: legal

A fraudster dubbed a 'mini Madoff' after conning investors out of millions has been convicted of fraud.

Harrow Crown Court heard how the 54-year-old fraudster promised investors high returns on their money, claiming that it would be put into profitable gambling and networking marketing schemes.

Instead, much like the infamous Madoff, the criminal effectively ran a 'Ponzi scheme', using the investments to fund a lavish lifestyle for himself and placing money into risky overseas pyramid schemes.

Speaking after the court handed down its guilty verdict, the Serious Fraud Office (SFO) stated that the case was partly hindered by the defendant’s concealment of financial transactions over the past few years.

"This was a very complex investigation and the SFO was determined to bring justice for the many victims who lost their hard-earned savings to this Ponzi scheme," director Richard Alderman said.

News of the case comes soon after Treasury secretary Stephen Timms warned tax evaders that the face being ‘named and shamed´ should they be found guilty of the crime.

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