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

clock • 2 min read
Ponzi scheme fraudster jailed for nine years in £80m SFO case

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 suppl...

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