Man who targeted 600 people in £9m fraud jailed

A man who conned more than 600 people in a £9m fraud scheme to fund his extravagant lifestyle has been jailed for eight years.

Declan Nowell, 32, claimed he was investing people's money in online foreign exchange markets, but instead spent the cash on a house and luxury cars.

Humberside Police said he operated a "Ponzi scheme" across North Lincolnshire, using new investors' funds to pay existing customers.

Nowell, of The Dell, Scunthorpe, was also banned from holding a director position at any company for 10 years when he was sentenced at Hull Crown Court on Friday. He admitted two counts of fraud by abuse of position during a previous hearing in February.

Det Con Paul Twidale said an investigation was launched when several people complained they were unable to withdraw funds held in investment accounts with Nowell's company.

He said only a "tiny fraction" of the £9m was ever invested, and even those trades lost money.

"Throughout this investigation, Nowell maintained a ridiculous and inconceivable stance that somewhere £28m was sitting in a mystery pot that would prove his enterprise was legitimate and enable all investors to be paid back completely," Twidale said.

"Nowell's actions were reckless. He made a calculated decision to repeatedly mislead his clients. Despite having numerous opportunities to halt the illegal operation, he chose to continue the deception, all driven by personal greed."

An investigation is under way by the force to try recover the money under the Proceeds of Crime Act 2002.

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