Ponzi scheme fraudster jailed for nine years in £80m SFO case

Mark Battersby
clock • 2 min read

A London-based fraudster who ran a Ponzi scheme that took almost £80m from investors has been jailed for almost nine years for failing to pay his multi-million pound confiscation order, Westminster Magistrates' Court ruled on 2 August. The Serious Fraud Office (SFO) had secured convictions against Jolan Saunders and his co-conspirators Michael Strubel and Spencer Steinberg in 2015, showing that the men deceived people into investing in Saunders Electrical Wholesale Ltd by lying about supply contracts. The fraudsters overstated minor contracts with the Hilton, Marriott, Plaza and Holid...

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