Investors to sue jailed fraudster

Investors are set to sue convicted fraudster, Danish-born Bjorn Stiedl, over
a technology investment scheme, which, they claim, cost them £22m.

Stiedl is currently serving a four-and-a-half year sentence in Britain for
pension fraud and is already being sued for allegedly stealing £4m through a
tax-avoidance plan relating to a film financing scheme Bedford Row, the
Financial Mail reported.

The technology scheme – GenTech – was set up to buy computer technology and
the deals were intended to make a loss so that the investors – all higher-rate
taxpayers- could claim rebates to offset against their incomes.

The matter was investigated by KPMG last year and the report is understood to
have been highly critical of the scheme.

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