Accountant jailed for £10m Ponzi fraud - update

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Majorca-based British accountant Richard Pollett and a convicted fraudster and his wife who swindled investors out of millions of pounds have been sentenced. 

A jury at Bradford Crown Court found Pollett guilty of conspiracy to defraud, along with guilty verdicts against Linda Hirst in relation to two money laundering allegations and one of evading a liability by deception.

Last week a judge lifted a banning order which had prevented the reporting of the guilty pleas of John Hirst who was convicted of conspiracy to defraud and two counts of money laundering in a prosecution brought by the Serious Fraud Office (SFO). 

All three were involved in a Ponzi fraud that targeted UK investors and expatriates in Majorca and will now be sentenced on 31 August. Confiscation and compensation proceedings are to follow.

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About Robert Lovell

Business and finance journalist


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    24th Aug 2012 14:24

    Why not Madoff ?

    We only appear to have heard of Ponzi when Madoff's scam came to light.

    So why are these called Ponzis and not Madoffs ?

    Thanks (0)
    24th Aug 2012 16:57

    because Ponzis

    less obvious than Made off?

    named after Charles Ponzi famous in the 1920's for it

    I think we should name it a Chuzzlewitt scheme though......much better ring to it.

    and does seem to be a scheme for the Witt less and greedy?



    Thanks (0)
    04th Sep 2012 16:34

    Its amazing how people will part with their cash

    It keeps on happening but people will still part with their money. When I hear about these cons it makes me feel good, not that I am skint, but because I am honest. Yes I have a pride in being honest but it does not earn me any points. My credit rating might be soon going through the floor but I am happy that there are dishonest people out there conning others out of their money. It makes me feel clever because they cant con me out of my money because I ain't got any.

    Thanks (1)
    05th Sep 2012 14:07

    A fool and his money

    It's fascintating that people are still foolish enough to invest in "guaranteed returns of 18% per annum plus a bonus of 2%." schemes 

    Thanks (1)
    07th Sep 2012 19:15

    People are susceptible to pressure and also sadly somewhat ignorant of investment matters.

    The other extreme to getting conned this way is getting conned on something like premium bonds where the chance of winning the big prize is absolutely minuscule, and a modest investment will dwindle to nothing over a few decades.

    Again down to ignorance on the part of the investor.

    Thanks (0)