An investment company director has been charged with fraud for running a 'Ponzi' scheme which lost investors £6m.
John Neil Hirst, director of Gilher Inc, a Panama and Seychelles registered company, has been charged with one count of conspiracy to defraud and
two counts of money laundering.
Hirst targeted British nationals and other expatriates living in Mallorca, as well as investors in France and the USA, Bradford Magistrates Court heard today.
Over £10m was obtained from investors via the 'Ponzi scheme' with losses believed to be around £6m, according to the Serious Fraud Office (SFO).
Hirst has been released on bail and will appear at Bradford Crown Court on 13 April.
The SFO began investigating Hirst in November 2009 following complaints by investors. Its investigation is still continuing in regards to the involvement of a number of additional individuals.
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