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 i...
To continue reading this article...
Join Professional Adviser for free
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes