squall321
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a scam on every corner
British Madoff admits running £14m Ponzi scheme which ripped off high-profile footballers and golfer Monty's ex-wife
* Terry Freeman funded a lavish lifestyle with millions from his clients
* City trader even reassured investors they were safe after Madoff scandal
* Up to 700 people may have fallen fallen to his fraudulent business
A City trader pleaded guilty today to establishing a 'ponzi' scheme in which up to 700 victims were defrauded of at least £14 million.
Investors from all walks of life invested hundreds of thousands of pounds with Terry Freeman and his company GFX Capital, with the promise of big financial returns.
His victims included high-profile footballers and golfer Colin Montgomerie's ex-wife Eimear.
Today the 62-year-old admitted fraudulent trading and a string of other offences at Southwark Crown Court in London.
Angry investors, some of whom had lost their life savings, were in the public gallery for the hearing. He admitted stealing £14 million but his victims said the true figure was at least £23 million.
One of Freeman's victims was said to have handed over £1.5 million, received GFX reports stating his investment had risen to £2.7 million, and later found just £15,000 left in his trading account.
The fraudster was accused of hiding the fact that he was losing investors' money on the markets for several years and meanwhile spending their investment on a lavish lifestyle, City of London Police said.
Read more: http://www.dailymail.co.uk/news/art...s-running-14m-Ponzi-scheme.html#ixzz1ApohGRax
British Madoff admits running £14m Ponzi scheme which ripped off high-profile footballers and golfer Monty's ex-wife
* Terry Freeman funded a lavish lifestyle with millions from his clients
* City trader even reassured investors they were safe after Madoff scandal
* Up to 700 people may have fallen fallen to his fraudulent business
A City trader pleaded guilty today to establishing a 'ponzi' scheme in which up to 700 victims were defrauded of at least £14 million.
Investors from all walks of life invested hundreds of thousands of pounds with Terry Freeman and his company GFX Capital, with the promise of big financial returns.
His victims included high-profile footballers and golfer Colin Montgomerie's ex-wife Eimear.
Today the 62-year-old admitted fraudulent trading and a string of other offences at Southwark Crown Court in London.
Angry investors, some of whom had lost their life savings, were in the public gallery for the hearing. He admitted stealing £14 million but his victims said the true figure was at least £23 million.
One of Freeman's victims was said to have handed over £1.5 million, received GFX reports stating his investment had risen to £2.7 million, and later found just £15,000 left in his trading account.
The fraudster was accused of hiding the fact that he was losing investors' money on the markets for several years and meanwhile spending their investment on a lavish lifestyle, City of London Police said.
Read more: http://www.dailymail.co.uk/news/art...s-running-14m-Ponzi-scheme.html#ixzz1ApohGRax