RegulationCorporate GovernanceBoy band accountant loses jail term appeal

Boy band accountant loses jail term appeal

Andrew Papadopoulos of Wanstead fails to reduce his jail term over investor schemes

A crooked accountant who funded a boy band led by an X Factor star has failed
to persuade top judges to reduce his seven-year jail term on appeal.

Qualified chartered accountant, Andrew Papadopoulos, 41, of Addison Road,
Wanstead, invested money in a multitude of interests including sports and pop
memorabilia, spread and online betting.

He also helped fund the fledgling boy-band “Upfrunt”, which counted former X
Factor contestant Danyl Johnson, from Arborfield, near Reading, among its five
members.

However the money he garnered for his schemes was acquired through “lies” he
told investors about the success of his investments.

On Friday, he asked Lord Justice Richards and Mr Justice Tugendhat, sitting
at London’s Criminal Appeal Court, to reduce his sentence, arguing that it was
unfair.

Papadopoulos’ lawyers argued that he should have been treated less harshly,
highlighting the fact that he didn’t deliberately target vulnerable investors,
and that the scheme had not initially been dishonest.

But, dismissing his appeal, Mr Justice Tugendhat said that Papadopoulos had
“lied to the Financial Services Authority and the investors” and called what he
did “a dishonest scheme”.

“He had a good manner and appeared to be trustworthy,” the appeal judge
added, refusing to reduce his jail term.

Papadopoulos promised his investors a 17.5% return on their money every 12
weeks, but disguised heavy losses by using cash from later investors to pay off
those who became involved initially.

He traded £4.8 million before his lack of success caught up with him, with
disastrous results for those who trusted him.

One investor lost their home and others their life savings. Papadopoulos fled
to Greece in 2005 and was not brought back to the UK to face justice until 2009.

At Southwark Crown Court on December 14 last year, Papadopoulos was jailed
for seven years after being convicted of 17 counts of obtaining a money transfer
by deception and one count of carrying out a regulated activity, by operating an
unauthorised collective investment scheme.

Related Articles

Tesco reports 55% profit slump amid hint of SFO deal

Audit Tesco reports 55% profit slump amid hint of SFO deal

2y Chris Warmoll, Writer
Advisers: Keep abreast of tech to avoid money laundering pain

Accounting Firms Advisers: Keep abreast of tech to avoid money laundering pain

3y Tania Hayes
Montpelier directors charged over alleged £1m tax fraud

Accounting Firms Montpelier directors charged over alleged £1m tax fraud

4y Kevin Reed, Writer
Former KPMG US partner could face 20 years' jail

Corporate Governance Former KPMG US partner could face 20 years' jail

4y Kevin Reed, Writer
PwC finds $5bn black hole in HP's Autonomy deal

Corporate Finance PwC finds $5bn black hole in HP's Autonomy deal

5y Kevin Reed, Writer
Colin: Accountants to stand up and be counted

Corporate Governance Colin: Accountants to stand up and be counted

5y Taking Stock
Post-Madoff audits of concern to US accounting watchdog

Audit Post-Madoff audits of concern to US accounting watchdog

5y Beth Abel, Reporter
LinkedIn breach could be bigger than first thought

Corporate Governance LinkedIn breach could be bigger than first thought

6y Alastair Stevenson