Fraudster Wanted To Be The New Simon Cowell

A wannabe pop mogul, who ended up spinning discs at a budget holiday resort after blowing over £6 million of investors cash in ill-conceived ventures – including an X-Factor star’s band – has been jailed for seven years.

Chartered accountant Andrew Papadopoulos, 40, of Addison Road, Wanstead, East London, fled to Corfu after 325 investors –some who handed over up to £250,000 – lost out to his unauthorized high-yield investment fraud.

He used their cash to buy an Elvis Presley 1967 marriage certificate for £27,458, a Beatles signed "Help" album for £10,558, a
Charles Dickens signed cheque for £6,013, a Marilyn Monroe signed legal documents for £1,113, a
 David Beckham-signed Man Utd shirt for £293, and a Diego Maradonna testimonial shirt for £243.

He even backed X Factor star Danyl Johnson’s old band ‘Upfrunt’ with a £10,000 cash injection, but they never played a gig.

Papadopoulos – a former BBC employee - was convicted at Southwark Crown Court on 18 counts of theft and deception.

He fled to the Pink Palace resort, Corfu, and was employed as a DJ when officers – armed with a European Arrest Warrant – nabbed him on July 27.

The charges relate to a fraud investigation conducted by the Metropolitan Police Service's Economic and Specialist Crime Command, SCD6.

The jury heard how between 2003 and 2005 Papadopoulos ran an unauthorised investment scheme called "Multi Investments" or "Multi Ventures" guaranteeing private investors a 17.5 per cent on their money every 12 weeks.

The investment business was funded by money he had acquired from friends, acquaintances and, as word of his so-called "success" spread, from strangers.

Initially, Papadopoulos invested money in a multitude of interests including sports and pop memorabilia, plus spread and online betting.

All of his investments were disastrous, losing £2.4 million in one spread bet account alone.

After June 2004 Papadopoulos continued to sell "investments" but, instead of investing the money he received, the smooth-talking conman used it to repay previous investors.

One man, who with his partner invested £235,000, told the court how he had been drawn in by the promise of lucrative returns.

He said: "A very good accountant friend of mine, who is reliable and meticulous, passed on the details of the scheme to me. It did seem too good to be true but I trusted my friend's judgment.

"I met Papadopoulos once and we got on well, he was very personable, he answered my questions constructively and I was satisfied with what he had to say.

"As far as I was aware, everything was going very well and I got money back from time to time, but overall I lost more than £180,000.

“In addition to this loss I will also be recompensing the loss to my children whom I introduced to Papadopoulos.

“Together they lost £17,500. I am mad at Papadopoulos and I am mad at myself."

Another, who lost around £60,000, said: "At least, being single, I have nobody to account to, but there were some investors with families to support. How do you tell your children that Daddy is suddenly very poor and that he needs to sell the house?

"The lesson is that if it seems like too good a deal then it is too good a deal."

Investigating detective DS Richard Ward, said: "This man caused untold personal and financial misery to hundreds of investors who lost life savings, inheritance and pensions.

“Many were forced into selling homes, many of their lives have been ruined."

"People invested because of the high-yields promised and because of the glamour of spread-betting, sports and pop memorabilia and the music industry, but Papadopoulos's venture was as ill-fated as the boy band he invested in."