Bath fraudster jailed after raising £4.5 million in spread betting
75-year-old Jeff Arundell was convicted of a number of offences at Bristol Crown Court - dating back to 2016 and 2017
A man from Bath has been handed a 6 and a half year jail sentence after being convicted of a number of offences - including fraud and money laundering.
75-year-old Jeff Arundell's conviction, which relates to financial business he carried out in 2016 and 2017, raised £4.5 million through 'spread betting', which he achieved in part by defrauding people.
He also was sentenced for a separate fraud offence in which he used power of attorney to take approximately £260,000 that belonged to his now late-mother.
With that money, he bought a Bentley car and increased his spread betting efforts.
The case
The 75-year-old, who lives in Sion Hill in Lansdown, invited a friend back in November 2016 to join him in investing in something which, he claimed at the time, would be a 'guaranteed money-making investment' for the pair, specifically saying he had information about a pharmaceutical company.
He claimed their shares were about to 'significantly increase in value', promising his friend (as well as his friend's family members) he'd 'personally guarantee their stake money' if he was wrong.
Out of this scam, he took around £100,000 - which he placed on numerous trades of spread betting.
Within weeks, though, he told the victims he's lost their money - and didn't have the cash to repay them.
Police later found out he profited from some of these trades, from which he placed further bets, before accumulating a £4.6 million windfall by August 2017.
The police investigation
The friend and his family reported what had happened to the police in January 2017 and an investigation was carried out.
When questioned by police, Arundell claimed he could have repaid the guarantee when he placed the trades in 2016, after receiving around £100,000 in inheritance money from his late mother's estate.
This was investigated as a separate fraud, as it was discovered he had taken his mother’s money, while holding a power of attorney for her some years before.
By taking the money while she was alive, he had deprived other family members from inheriting from her estate when she died.
The conviction
Arundell was convicted of three counts of fraud by false representation and one of money laundering at Bristol Crown Court on Monday 30 October, in relation to £86,000’s worth of money he received from his friend and their family.
He was found not guilty of a fourth count of fraud by false representation relating to the rest of the money he received.
He was also separately charged with fraud by abuse of position in respect of the handling of his late-mother’s finances in early-2020.
He was convicted of this offence in April 2021.
Arundell was sentenced for a total of 78 months in prison for all five offences at Bristol Crown Court yesterday (31 October).
An application has been made under the Proceeds of Crime Act to recoup money he gained from his criminality.
The friend who lost money in the fraud said Arundell had ‘got what he deserved’ and added: “He caused myself and my family a lot of grief and heartache.”
Dr Kirstie Cogram, manager of the serious and organised crime investigation team, said: “We are pleased to secure five guilty verdicts against Arundell following what has been a long drawn out investigation into his fraudulent behaviour.
“Arundell portrayed himself as an experienced trader in the financial markets. He seemingly thought little of defrauding his own family by taking cash from his elderly mother, nor using money from a friend and their family to bankroll his spread betting efforts.
“His actions were deplorable and made all the worse for his victims by misleading officers and refusing to admit to what he had done, meaning two trials were required.
“While these verdicts and prison sentence will no doubt be welcomed by his victims, they do not take away from what they have been through.
“A proceeds of crime hearing will take place at a letter date to ensure he does not profit from his offending; his assets are currently frozen pending that decision. We hope this will provide his victims with some financial recompense.”