Accountant jailed for £2m ‘Ponzi’ scheme
The accountant, Geoffrey Langdale, 63, who took more than £2m from a group of investors in a so-called “Ponzi scheme” has been jailed.
Geoffrey Langdale admitted deception and fraud charges at Bradford Crown Court.
He was accused of taking sums ranging from £10,000 to £260,850 from 28 people across the north of England and north Wales, between 2002 and 2013.
He was sentenced to six years in prison.
The Crown Prosecution Service (CPS) said Langdale received £2,3m in investments from his victims, but only returned £1,1m to some of them.
The Ponzi scheme, named after the US fraudster Charles Ponzi, saw investors given returns from new members rather than from real investment gains.
Debra Chan, from the CPS, said Langdale fooled investors by producing fraudulent documents and forging company logos to imply their money was safe.
More than £1.1m is still owed to the investors, she said.
Source: BBC- Accountant jailed for £2m ‘Ponzi’ scheme
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