Suspect in £10m 'Ponzi' scheme extradited from Spain

A suspect in an alledged £10m Ponzi scheme which targeted ex-pats has been extradicted from Spain to Britain to face fraud charges.

Richard Pollett, of Mallorca and Poole, appeared before Bradford Magistrates today charged with conspiracy to defraud via the Gilher investment scheme.

The alleged "Ponzi" investment scheme targeted UK based investors and expatriates living in Spain.

Gilher Inc was a Panama and Seychelles registered company, operated by Hirst, which invested funds on behalf of private clients mainly based in the UK and Spain.

The scheme attracted over £10m of investors' funds with losses thought to be around £6m.

Pollett, who was arrested following a Serious Fraud Office Investigation, joins John Hirst charged earlier this year with conspiracy to defraud. 

In addition to the conspiracy offence, Pollett is charged with making misleading statements contrary to s397 (2) of FSMA 2000. He has been granted conditional bail.

The SFO investigation into Gilher started in November 2009 following complaints made to the SFO by investors. It has been carried out with the assistance of West Yorkshire Police and Surrey Police and overseas law enforcement authorities.