Fraudster who ran investment scam jailed

A YORKSHIRE man has been jailed for more than five years following an investment scam worth more than £ 20m.

Joseph Lewis, 65, had run his fraudulent investment scheme for a decade, convincing clients from around the world to invest large sums into foreign exchange trading, and then keeping the money for himself. Many of his victims were investing their money to save towards retirement or to make a better life for their young family, City of London Police said yesterday.

Detective Sergeant Lee Nelson, of the force’s economic crime department, said: “Lewis is an extremely manipulative and dishonest man. I can’t even begin to describe the devastating impact this has had on people’s lives.”

Lewis emailed his clients in December 2014 and told them he had not been trading with their investments since 2009, and then called police and confessed. He was arrested by City of London Police officers in April 2015.

He had sent his clients fabricated reports showing their investments doing exceptionally well, which encouraged them to invest more or tell others to do so.

Some asked to withdraw their money as early as 2012, but were met with delays and ultimately got nothing. Only those threatening legal action got anything back.

Lewis finally admitted their funds were gone when he had used all of the money fraudulently obtained and he was no longer receiving payments from clients.

Lewis, of Thearne Lane, in Thearne, nea rBeverley, was jailed for five years and four months at Southwark Crown Court on October 16 after admitting 19 offences of fraud by false representation.