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SFO investigating investment fund

Published on 17 Nov 2009 under category: legal

An investigation into a Majorca-based businessman has been launched by the Serious Fraud Office (SFO) following a complaint from a member of the public.

Investment company Gilher Inc has come under scrutiny after allegations of a 'Madoff-style' fraud being committed.

It is believed that around £20 million was put into the fund, which offered investors a return of 20 per cent.

In a letter to an investor, seen by the Sunday Telegraph, John Hirst, the company's owner, said: "I trade movements on the Dow Jones Index, rather than buying individual shares, using technical analysis to give me a feel for which way the market is moving.

"While the system I use, like most systems, is not an exact science it works sufficiently well to enable me to guarantee a 20 per cent return per annum to client[s]."

The SFO has searched a commercial property in Surrey in connection with the alleged fraud but no arrests have been made so far.

If you require advice on Corporate Fraud please call us on +44 (0)20 7831 0101 and ask for Dan Hyde.