Former Cabbie Convicted of £34m Fraud

Former Cabbie Convicted of £34m FraudA former taxi driver turned company director tricked thousands of people out of their savings by promising them huge returns on their investments and was convicted yesterday of a £34 million Ponzi fraud.

The Serious Fraud Office said he had used the money to finance his own lavish lifestyle, buying properties including a £600,000 farm in Kent complete with swimming pool, exotic animals and Koi carp breeding pools. He also spent more than £700,000 on cars and withdrew almost £3 million in cash.

The Defendant started with a football betting scheme among work colleagues in 2001. As it grew he used new investors’ money to pay out those already taking part. Over the next three years, he expanded into new schemes so that by 2004, more than 8,500 people had put £34 million into his scams.

With our experience and expertise Frenkels are able to assist with all types of forensic accounting investigations relating to commercial and business fraud.  We have also acted on many occasions for Defendants in these cases.  For more information please contact John Frenkel or Vivian Cohen on 020 8457 2929.

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