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.

Related Articles

Productive accountancy firms lead the way

Accounting Firms Productive accountancy firms lead the way

1d Simon Adcock, HSBC
LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

Accounting Firms LLPs in Top 50+50: Will LLPs continue to be the preferred set-up?

2d Fergus Payne, Lewis Silkin
BDO’s global revenues pass $8bn

Accounting Firms BDO’s global revenues pass $8bn

1w Alia Shoaib, Reporter
Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

Accounting Firms Top 40 International Networks, Associations and Alliances: Finding growth amid uncertainty

2w Philip Smith, Reporter
Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

Accounting Firms Top 40 International Networks, Associations and Alliances 2017: Big Four tussle for top spot

2w Emma Smith, Managing Editor
BDO reports revenue growth of 5.7%

Accounting Firms BDO reports revenue growth of 5.7%

2w Alia Shoaib, Reporter
Taylorcocks announces merger with Surrey firm

Accounting Firms Taylorcocks announces merger with Surrey firm

2w Emma Smith, Managing Editor
Kingston Smith reports 7% gender pay gap

Accounting Firms Kingston Smith reports 7% gender pay gap

3w Emma Smith, Managing Editor