Spalding man jailed for over 4 years for his part in an illegal investment scheme
It defrauded hundreds of victims out of millions of pounds
Two men, including one from Spalding, have been jailed for over 4 years for their part in an illegal investment scheme that defrauded hundreds of victims out of a total of around £4 million.
73-year-old Christopher Toynton from Horseshoe Road in the town was sentenced to 54 months. While Ross Gibson aged 27 from Eve Lane, in Dudley, was jailed for 53 months.
During a seven week trial at Lincoln Crown court it was revealed Toynton spent £134,000 of investor’s money on luxury cars and holidays.
Christopher Toynton, 73 of Horseshoe Road, Spalding, was found guilty by a jury of four counts of fraud by false representation and five counts of fraud by abuse of position.
Ross Gibson, 27 of Eve Lane, Dudley, pleaded guilty to fraud by abuse of position, carrying out regulated activities and fraud by false representation at the beginning of the trial in March.
Officers began to investigate in 2019 after reports of suspected fraud connected to the Lottery Syndicate Club Ltd in Spalding.
The scheme operated between 2017 and 2019, and had several hundred members from across the country and also abroad.