Accountant to repay Ponzi scheme victims

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A former accountant who helped John Hirst swindle investors out of millions of pounds has been ordered to pay back more than £90,000 in compensation.

In August last year Hirst was jailed for nine years after funding a lavish lifestyle in Majorca through his £10m ‘Ponzi’ investment scheme.

His accounting accomplice, Richard Pollett, was also jailed for six-and-a-half years after he was found guilty of conspiracy to defraud.

According to the Huddersfield Examiner, Pollett was recently brought back to Bradford Crown Court from prison so that a judge could make a confiscation order against him under the Proceeds of Crime Act (POCA).

Judge Jonathan Durham Hall QC, agreed to...

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Robert Lovell
Managing Editor
AccountingWEB.co.uk
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By JAADAMS
04th Nov 2013 14:27

Largest Ponzi scheme of all...
I've always been told that the state pension is the biggest Ponzi scheme is all!!

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05th Nov 2013 12:00

The state pension may be a Ponzi scheme, but I don't see anyone offering an alternative.

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05th Nov 2013 14:59

PENSION

If you simply put all the monies you and your employers had contributed to this worthless rip off, you would have a far bigger income. Even allowing for contributions to a private medical scheme, at the reduced rates offered by many accounting bodies, you would still have an ample income.

 

However, I would suggest that further investigations are carried out to determine how he managed to go through some £9 million. There must be other assets. Tenacity is the backbone of true justice.

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05th Nov 2013 12:48

JAADAMS has a private scheme then

I wonder who has paid the contributions?

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05th Nov 2013 16:27

Fraud

Can anyone please tell me why an obviously intelligent person sets out on such a venture when they could have a perfectly satisfactory life style by using normal legal methods for running a business ?

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06th Nov 2013 16:01

Greed

peter stanley wrote:

Can anyone please tell me why an obviously intelligent person sets out on such a venture when they could have a perfectly satisfactory life style by using normal legal methods for running a business ?

Greed. Pure and simple. Enough is never enough.

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