A gambler who conned private investors out of £1.3m by using a family's address in Chichester has been jailed.
Nicholas Peter Ford has been sentenced to five years and four months in prison after using a technique known as 'Ponzi', where he took money from investors as part of a betting syndicate.
He gave investors money back from other investors rather than any profit he had made.
The 39-year-old spent most of the money through gambling, which started two days after the first investment was made.
Ford had several addresses in the UK and Switzerland and was also using a family address in Chichester, West Sussex, when he was first reported to the police.
He started the scam after being made redundant from his job at an investment company in Surrey and his compiled names from his client list.
This was what is known as a Ponzi-style fraud. In essence, Ford took in #1.3 million from private investors, and paid out just £245,000. "The money paid out was just to lure investors back into making even more investments. The majority, if not all the money, was lost in gambling, and he actually started gambling with investments two days after the first investment was made. He received investments from professional investors, including one lady who lost her #20,000 life savings, and also brings up her disabled child as a one-parent family. Ford was supposed to be her friend."
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