Fraudster Jonathan Allard has been given a prison sentence of over seven years for his role in a complex investment scam.
The investment scam saw £3.7m conned from 43 victims between 2013 and 2017.
The victims were offered ‘attractive’ returns on financial investments through a company called Zurich Private Capital which was claimed to be investing in commodities, including in oil and soya beans.
Many of the victims were promised returns of between 9% and 12% per annum.
Victims included a 63-year-old serving police officer who may have to continue working until 66 to make up for the losses he suffered.
The Metropolitan Police said the impact on the victims has been severe. Several victims have since died, one attempted suicide, others have health conditions caused by the stress and others have had to remain in work until they are nearly 80-years-old.
The company had a slick website and business premises in Canary Wharf, the court heard.
Mr Allard, 39, from Wandsworth, London, was convicted of one count of fraud and sentenced to seven years and two months at Southwark Crown Court on Monday.
He was convicted following an investigation by the CPS and Metropolitan Police which identified overwhelming financial evidence that he was the ringleader of the scam.
Mr Allard spent the money gained through the scam on a Lamborghini, holidays, a high-end rented home, and transactions worth over £479,000 in Harrods.
Sarah Place, spokesperson for the CPS, said: “Allard showed a callous disregard for numerous vulnerable victims. He orchestrated the investment fraud which involved persistent and aggressive cold calling of victims, in order to entice them into making investments in a bogus scheme.
“Victims were told to keep invested in the scheme a minimum of three years to make the best possible return but all of this of was fake and ended with some of them losing their lifesavings, pension pots and properties.
“We will now begin proceedings to claim back the assets Allard gained from this criminal enterprise.”
