Jail time for 'introducing' accountant
An investigation undertaken by the Serious Fraud Office into an alleged fraudulent investment scheme, has resulted in the conviction of an accountant, and two of his business partners.
Link: Serious Fraud Office in fierce invoice battle
Jasbir Sing Mudhar, who acted as an ‘introducer’, together with John Wilfred Clark and David John Saull promoted an investment scheme to clients in the UK and Sweden, on the promise of substantial profits from a ‘short term trading programme’.
In reality, client monies were never invested and there were no bank trading programmes. Instead the funds were used by the defendents and by others who introduced the clients for their own benefit.
At the trial at Worcester Crown Court, all three were charged with conspiracy to defraud investors between 1 January 1997 and 31 December 2000, while Clarke was also charged from 1 January 1994 to December 2000.
Mudhar was sentenced to four years and nine months imprisonment, Clark, received a five and a half year sentence, while Saull will serve four years.
The SFO investigation, which commenced in February 2000, revealed that the fraud totalled in excess of £1.1m.