Very sad to see a fellow Chartered Accountant commit a fraud; I am always surprised that the perpetrators of Ponzi schemes do not realise that they will get caught.
An ICAEW chartered accountant who ran an £80m Ponzi scheme with two fellow fraudsters was sentenced to six and three quarter years in prison at Southwark Crown Court today In February this year, Spencer Steinberg was found guilty, along with Michael Strubel, of conspiracy to defraud following an investigation by the Serious Fraud Office. The third co-conspirator, Jolan Saunders, pleaded guilty in July last year to conspiracy to defraud and acting as a director of a company while disqualified. Their crime, said Jane de Lozey, the SFO’s joint head of fraud, was “particularly pernicious” because they preyed on vulnerable investors from within their own communities and persuaded them to part with huge sums, including in some instances their life savings. Strubel and Saunders were both sentenced to seven years.