A man who convinced friends and family to invest millions of pounds in his Ponzi scheme to fund his own lifestyle has been jailed for three years and four months.
Anthony Vernon Parker was sentenced at Leicester Crown Court on Thursday 5 January 2023 after he pleaded guilty to one count of fraud by false representation and one count of participating in a fraudulent business.
The Crown Prosecution Service (CPS) brought the charges against Parker following an investigation by Leicestershire Police after a total of 42 victims were referred to them by Action Fraud.
Details
Over a period of seven years, between January 2011 and March 2018, Parker “claimed to be an investment manager” and told clients he “would invest their money in a controlled gambling scheme involving currency trading and the stock market”, the CPS said.
The CPS added that Parker “convinced friends and family members to place money with him” for the purposes of the spread betting scheme, with others later becoming involved through ‘word of mouth’ and recommendations. He “lured clients to invest with him by telling them that his system was ‘virtually risk-free’”.
In reality, this was a Ponzi scheme, whereby returns were paid to clients using other clients’ funds. The defendant used the investments to pay returns to other clients and to also fund his own lifestyle.
Over £3.4m ($4m, €3.8m) was invested with Parker, who was sentenced on the basis of a total amount of…
