A conman who convinced friends and family to invest more than £3.4m in a fake gambling scheme has been jailed.
Leicestershire Police started investigating Parker, of Park Lane, Castle Donington, Leicestershire, after 42 victims were referred to them by Action Fraud. The CPS said Parker told clients he would invest their money in a controlled gambling scheme involving currency trading and the stock market.The CPS said Parker was actually running a Ponzi scheme where payments collected from new investors were used to pay off earlier investors.
Parker pleaded guilty to one count of fraud by false representation and one count of participating in a fraudulent business.He was sentenced on the basis of a total amount of unrecoverable losses from 20 victims, totalling £1.09m.