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| Andrew Hughes-Hallett |
Andrew Hughes-Hallett, 52, of Arcadia, Loddon Drive, Wargrave, Berkshire and Richard Powell, 54, of Derby Square, Douglas, Isle of Man were due to stand trial this week.
Both were charged with robbing Christian Fallon, 50, of £2,700 cash at the Jumeriah Carlton Tower, Cadogan Place, Knightsbridge on August 5, last year.
Not guilty verdicts were entered in relation to both defendants at Isleworth Crown Court on Monday.
Edinburgh University graduate Hughes-Hallett is the director of Arcadia Consulting Ltd. and lives in a £1.5m property. Powell describes himself as an entrepreneur.
They are among a group of investors, who feel they were swindled out of £1.5 million in a get-rich-quick bullion scam, according to High Court statements.
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| Richard Powell |
Both
men are seeking damages against Mr. Fallon, claiming he promised to
invest their cash in gold bullion and foreign currency markets, but
just pocketed it.
Hughes-Hallett
says he invested £425,000 and Powell £225,000 with Newmarket,
Suffolk-based Mr. Fallon, who according to the writ claimed to be an
expert in trading gold, particularly in relation to the Bank of
England.
He
also vowed he could obtain gold below the market price so his scheme,
run under the name QFX traders, was risk-free.
The
court papers say: “The defendant (Fallon) claimed he was investing
£4 million of his own money.
“The
claimants could expect profits in relation to such trading to be at
least four per cent per month.”
Fallon
was convicted in 2002 and 2007 of fraud and since 1994 has been
banned from acting in the investment business by the Financial
Conduct Authority.
The
claimants seek the return of their investments, alleging that he had
not traded for them at all and just took the money.
The
writ claims Fallon changed his name from Christopher to Christian
after fraud convictions.
It
says: “Under that name he had been convicted in 2002 and 2007 of
committing numerous substantial frauds.”
A serial fraudster who persuaded people to give him their life savings in a gold trading scam has been sentenced to seven years in prison.
ReplyDeleteChristian Fallon defrauded members of the public by taking their savings and claiming to invest them in various schemes including trading precious metals and property investment.
Isleworth Crown Court heard Fallon persuaded his clients to part with tens of thousands of pounds at a time, using a loan note, a form of IOU, to cover his tracks so that he had a defence to spend the money how he wished.
Whilst he gave reassurances to the people he defrauded that he was making money for them, Fallon was actually spending their savings on himself.
In total he took £1.9 million from his 'investors' but left them with a net loss of £885,625. He was sentenced yesterday (5 October).
Nina Montalbano, from the CPS, said: "Many of Fallon's victims had trusted him with their life savings but he spent them on sending his children to private school, enjoying meals in top London restaurants and going on luxury holidays.
"Fallon tried to cover his tracks by using false documents. Evidence from the CPS proved, however, that he had told them they were investing in gold and property with the promise of dividends that he never provided."