The former chairman of Spalding United football club was today found guilty of nine fraud charges relating to his role in a Ponzi-type scheme which was based in the town.
The court heard many investors were left out of pocket after £3.9 million was poured into the spread betting scheme, named the Lottery Syndicate Club. During the trial, prosecution barrister Julian Jones, likened the Lottery Syndicate Club to a Ponzi or Pyramid scheme where investors were paid out from new members joining the syndicate.
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