PracticeAccounting FirmsPonzi scheme allegations put trio in court

Ponzi scheme allegations put trio in court

An accountant, his brother and their business associate are standing trial at Blackfriars Crown Court, accused of conspiracy to defraud hundreds of investors of £250m in a Ponzi scheme

Nicholas Fraser, a member of the ICAEW, his brother Lincoln Fraser and Jared
Brook, are alleged to have duped investors through their Imperial Consolidated
Group of Companies, which they operated between January 1998 and June 2002.

The three have pleaded not guilty in the case, investigated and brought to
court by the Serious Fraud Office.

In his opening statement, SFO prosecutor Tim Barnes QC alleged the three had
obtained ‘hundreds of millions of pounds from investors worldwide. Instead of
receiving their money back, plus the promised and the generous rate of return
which had been committed to, most of the investors lost everything,’ said
Barnes.

The scheme stopped in June 2002 when Imperial Consolidated Companies went
into administration.

Jurors were told Fraser and his accomplices had bought a £1.1m aeroplane, and
conducted false accounting to depict a thriving group of companies.

The case continues.

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