Three men charged in Ponzi-style scheme
11 Mawrth, 2013 | Eitemau newyddion
Today, three men appeared at City of London Magistrates Court charged with conspiracy to defraud investors in an alleged investment fraud related to electrical contracts in the hotel sector.
The defendants are:
- Jolan Marc Saunders (age 36) of Buckhurst Hill
- Michael Dean Strubel (age 51) of London
- Spencer Mitchell Steinberg (43) of Radlett
They attended Hatfield police station on 5 March 2013 answering police bail in connection with Saunders Electrical Wholesalers Limited, London and making false representations that the company had high value contracts with blue chip hotel chains (and latterly the Athletes Village) that required investment funding attracting good rates of interest. They were charged at the police station and bailed to appear today before City of London Magistrates.
All three have been charged with conspiracy to defraud and Jolan Saunders was additionally charged with acting as a director of a company whilst disqualified. The alleged fraudulent events took place between 2006 – 2010. Around £40 million is estimated to have been attracted to the scheme.
Notes for editors:
- The defendants are British nationals.
- Property searches were conducted at five residential addresses and one commercial premises in December 2010 when the defendants were arrested and released on bail. The SFO was assisted by Essex, Hertfordshire and Metropolitan police forces and by SOCA.
- The investigation was code-named Operational Canon
- The case was accepted for investigation by the SFO in June 2010. A preliminary hearing has been fixed for 19 March 2013 at Southwark Crown Court.
- As proceedings are now underway, the strict liability rule in the Contempt of Court Act 1981 now applies.