British man, named as John H. has fled Mallorca after allegedly defrauding some 12 million € from seventy Britons. Most of the victims are retired and some have lost their life savings in what is being described as a pyramid fraud of false investments.
The Economic Crime Group of the National Police in Palma described the events as ‘a small Madoff’ and say that John H. has not been seen for a year. The massive fraud started in the middle of 2005.
El Mundo reports that police, after three months of investigations, have made one arrest, a 67 year old British chartered accountant, Richard John P. who lives in a mansion in Ambassador Park, Santa Ponça, Calvià, and who police believe had assisted John H. in his fraud. Richard John P. was arrested on Thursday and appeared before Instruction Court 7 in Palma de Mallorca on Friday.
Several of the victims attended the court and heard the defence claim that Richard John P is innocent. Defence lawyer, Jaime Campaner, showed the court how Richard and his family had also lost ‘a fortune’ in investments with John H. Richard P. was granted bail.
Police think the money defrauded has been sent to financial havens.
Read more: http://www.typicallyspanish.com/news/publish/article_27954.shtml#ixzz15pop2MEH
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