Ponzi Scheme Suspects Ordered to Repay £115m

Ponzi Scheme Suspects Ordered to Repay £115mThree men accused of running what is alleged to be the UK’s largest Ponzi scheme have been ordered to pay £115m to the financial regulator.

The Financial Services Authority (FSA) said it hoped to return any money it retrieves to investors.

However, it said those who had lost money were unlikely to be repaid.

The three men were arrested last year on suspicion of conspiracy to defraud, and money laundering.  They are also being investigated over alleged fraud by misrepresentation.

In a High Court hearing, the three men were found to have taken deposits from investors without authorisation from the FSA.

The £115m includes all profit they made from their unauthorised financial activities and all losses suffered by investors.

With our experience and expertise Frenkels Forensics 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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