Fraudster who took risky decisions that lost investors £4.5m is jailed for six ... - WalesOnline
Despite a lifestyle that suggested he could afford to live the high life, Ian Richards was making risky decisions with an investment fund which lost millions. Richards, 64, had luxury cars including consecutive Aston Martin’s, a country house, art and antiques filling his Abergavenny home. But he was falsifying documents and failing to tell his investors that the risky decisions he had taken had lost millions. He admitted fraud over a two-year period between December 2009 and December 2011. £47,000 on fine wine in 13 months During the period of the fraud, he bought two horses costing £65,000 and a horse box, £18,000 of jewellery for his wife, and spent... Richards had made his name in finance, with a background in investment and a doctorate in economics but began investing for family and friends. Prosecuting barrister Huw Evans said that Richards had told all investors they would be notified about the progress of the fund and informed of any major changes and that if the fund halved in value, trading would cease. Richards admitted that between December 2009 and December 2011, he falsely declared monthly profits, failed to declare significant losses he had sustained and the “precarious position of their investment” and took more fees than he was entitled... Source: www.walesonline.co.uk
