£1.7m con man told to repay a fiver

AMAN who was jailed after losing £1.7m of his friends’ and neighbours’ cash in a failed investment scheme has been ordered to repay just £5.

Richard Valentine blew the money on the international money markets after thinking he could turn a hobby into a successful enterprise.

The 46-year-old appeared in Newport Crown Court on May 17 for a proceeds of crime and confiscation hearing. But the court heard the prosecution and defence had agreed that he had no assets and the only money he should repay was £5.

The former engineer in Barry had previously been jailed for four years after a court heard that he lied to his investors claiming they were making significant profits.

A forensic accountant later discovered that 26 people had invested a total of £2.9m with him, of which £1.7m was lost through his failed gambles on the international markets. During the earlier hearing, Judge Eleri Rees told him that his mistakes had left his customers with serious trouble through health or other reasons.

“The impact has truly destroyed their way of life, bringing considerable changes as a result,” she said.

The court heard how friends already investing with him, brought in other friends and their own family members and how many had made “heartbreaking” statements to the police.

Valentine, who was previously living in Walter Road, Swansea, is now listed as living on Bolton Road in Bury, Greater Manchester, was represented in court by defence barrister Alex Greenwood.

Mr Greenwood told the court Valentine had no assets but was able to pay £5 immediately and said the parties involved had “come to an agreement”.