Spalding man found guilty for his part in £4 million pound fraud
The trial lasted nearly 7 weeks at Lincoln Crown Court
A Spalding man has been found guilty for his part in an illegal investment scheme that conned hundreds of victims out of around £4 million pounds.
Christopher Toynton aged, 73 from Horseshoe Road in the town was found guilty of four counts of fraud by false representation and five counts of fraud by abuse of position.
The trial was held at Lincoln Crown Court and lasted nearly seven weeks.
27-year-old Ross Gibson, from Eve Lane in 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.
Both men have been remanded in custody and will be sentenced next month.
Detectives from the Economic Crime Unit (ECU) began investigating in the spring of 2019 following complaints 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.
Around four million pounds was invested in the scheme, most of which were either lost during trading or pocketed and misused by Toynton and Gibson for their own personal gain.
It was revealed Toynton spent £134,000 of investor’s money on luxury cars and holidays, while Gibson spent £400,000 on holidays and designer watches.
Victims were led to believe that the scheme was legitimate and that their investments were safe. Toynton also assured victims that the scheme was low risk and that they could withdraw funds at any time.
Although some money was sent back to victims to add credibility to the scheme, the high returns they were initially promised never materialised
PC Phil Gidlow, who led the investigation for ECU, said:
“This verdict is a culmination of years of hard work by our dedicated investigators in the Economic Crime Unit and only made possible due to the support of the victims.
“Fraud is a despicable crime, undermining our basic trust in others. As a result of this scam, the victims not only suffered huge financial losses, shattering their current financial position and plans for the future, but also caused some to have mental health and relationship problems.
“I hope this case reflects that we are determined to investigate and prosecute the perpetrators and that the victims feel some justice has been achieved.”