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Three jailed for £10m Majorca Ponzi fraud | Three jailed for £10m Majorca Ponzi fraud |
(35 minutes later) | |
A couple and an accountant who teamed up to use money from a fraudulent £10m investment scheme to fund a lavish lifestyle have been jailed. | A couple and an accountant who teamed up to use money from a fraudulent £10m investment scheme to fund a lavish lifestyle have been jailed. |
John Hirst, 61, of Huddersfield Road, Brighouse, West Yorks, was sentenced at Bradford Crown Court to nine years for his part in the Ponzi scheme. | John Hirst, 61, of Huddersfield Road, Brighouse, West Yorks, was sentenced at Bradford Crown Court to nine years for his part in the Ponzi scheme. |
His estranged wife, Linda Hirst, 61, of Woking, Surrey, will serve two-and-a-half years for money laundering. | His estranged wife, Linda Hirst, 61, of Woking, Surrey, will serve two-and-a-half years for money laundering. |
Richard Pollett, 70, of Poole, Dorset, was jailed for six-and-a-half years. | Richard Pollett, 70, of Poole, Dorset, was jailed for six-and-a-half years. |
He was found guilty of conspiracy to defraud. | |
John Hirst pleaded guilty to conspiracy to defraud and two counts of money laundering at the beginning of the trial. | |
Linda Hirst was found guilty of three counts of money laundering and one count of evading a liability by deception. | |
The court heard the couple, who are no longer together, enjoyed luxury holidays and lavish wedding celebrations in Las Vegas and Majorca with the proceeds of the scheme. | |
'Decent and trusting' | |
Hirst, a former insurance salesman, had previously been convicted for fraudulently taking redundancy money from former Yorkshire miners in the 1990s. | Hirst, a former insurance salesman, had previously been convicted for fraudulently taking redundancy money from former Yorkshire miners in the 1990s. |
In 2001 he set up a Ponzi scheme with Pollett in Majorca, which ran for eight years, promising British people quick returns on their investments. | In 2001 he set up a Ponzi scheme with Pollett in Majorca, which ran for eight years, promising British people quick returns on their investments. |
Judge Jonathan Durham-Hall QC said those targeted by the pair were mainly ordinary, hard-working people who put their pensions and savings into the scheme after being promised huge returns and a risk-free guarantee. | Judge Jonathan Durham-Hall QC said those targeted by the pair were mainly ordinary, hard-working people who put their pensions and savings into the scheme after being promised huge returns and a risk-free guarantee. |
Many were elderly or divorced and all were decent and trusting, he said. | Many were elderly or divorced and all were decent and trusting, he said. |
The judge said Hirst also tried to involve other members of his family in the scheme. | |
His solicitor son, Daniel Hirst, and Linda Hirst's daughter, Zoe Waite, were cleared of money laundering charges at the trial earlier this year. | |
Judge Durham-Hall said to John Hirst: "You wanted it all - get rich quick. | |
"You had the greed and the desire for the high life, which overcame all morality." | "You had the greed and the desire for the high life, which overcame all morality." |
The judge told Hirst and Pollett: "You are through and through common criminals. What you did, and what makes this case of the utmost gravity, was brutal, callous and cruel. You are corrupt. | The judge told Hirst and Pollett: "You are through and through common criminals. What you did, and what makes this case of the utmost gravity, was brutal, callous and cruel. You are corrupt. |
"This was an appalling and shocking course of conduct in which so many were targeted and so many have, in effect, had the remainder of their lives shattered and ruined." | "This was an appalling and shocking course of conduct in which so many were targeted and so many have, in effect, had the remainder of their lives shattered and ruined." |
Sentencing Linda Hirst, the judge said: "You did, from June 2006 onwards, enjoy the most profligate of high standards of living, jet-setting here and there, cruises here and there, and, of course, Mr Hirst liberally showered you with money and jewels." | Sentencing Linda Hirst, the judge said: "You did, from June 2006 onwards, enjoy the most profligate of high standards of living, jet-setting here and there, cruises here and there, and, of course, Mr Hirst liberally showered you with money and jewels." |