William Godley sentenced for conducting fraud
The former director of investment firm, Imperial Consolidated Group, Mrs. William Godley has been jailed for three and a half years at Blackfriars crown court for £178m Ponzi scheme.
The investment firm collected millions of pounds from investors under fraudulent investment scheme between January 1998 and June 2002.
The firm made false promises of returning the money at high rates of return.
3000 investors have invested around £253m and lost all their money in the scheme.
Investors believed that their money would be invested to finance a commercial loans business in UK which was extremely profitable to investing.
The justice, Mrs. Gloster considered it as a serious fraud as investors have lost substantial amount of money under the scheme.
Mr. Godley remained director of the company for six years and was once paying nearly £61,000 per month net of tax.
The fraudulent investment scheme was operated from Lincolnshire and had operations extending from UK to the British Virgin Islands.
Mr. Godley was declared convict of conducting fraud in 2007 but his sentence was delayed due to the trial of two other former Imperial directors, charged of conducting fraudulent trading and plotting conspiracy to defraud.
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