Two men have been convicted of taking part in the UK's largest ponzi scheme which duped a former England cricketer and resulted in investors losing £115m.
John Anderson, 46, from West Hampstead, and Kenneth Peacock, 43, from Surrey, were found guilty of unlawfully accepting deposits from investors at Southwark Crown Court, reports the BBC.
The scheme's victims included former England cricketer Darren Gough and actor Jerome Flynn.
Mastermind of the scheme Kautilya Pruthi, 41, of Wandsworth, London, had already admitted seven fraud counts.
Telling victims they were lending to importers and exporters in need of short-term credit, Pruthi, Peacock and Anderson lured investors with the promise of returns of up to 20% a month.
Pruthi paid returns to existing investors using money taken from new investors.
The rest of the cash was used to fund lavish lifestyles, with all three men buying a fleet of luxury cars and Pruthi even buying a private jet.
When the scheme collapsed in 2008, 800 people were owed £115m, with some investors losing their life savings.
The jury is still out on whether Anderson and Peacock deceived investors.
Industry Voice: Scottish Widows pension expert Robert Cochran and economist Andrew Scott discuss the future of employment and income, in episode three of Scottish Widows' podcast series.
What made financial headlines over the weekend?
Follows McVey's resignation
Schroders and Aviva Investors
LightTower Partners, Seneca Partners and Unicorn AM