City banker jailed for five years for defrauding friends and colleagues out of millions in fake horse bloodstock trading
Stewart Jones, 35, of Limeharbour, London was jailed for five years four months at the Old Bailey today (19 November) after pleading guilty to six counts of fraud.
He also pleaded guilty to two counts for forgery and was sentenced to three years. Both sentences to run concurrently.
In 2014 Jones began contacting friends and colleagues claiming that he bought race horses direct from breeders on behalf of organisations such as the Hong Kong Jockey Club and then sold these on for a profit.
He assured those he contacted that they could expect 15-20% profit. To make the scam more believable he even forged copies of invoices from stables showing the purchase of horses. These purchases never took place.
He also showed victims a forged bank statement showing that he had more money in the bank than he really had.
In total he managed to get the victims to give him over £1.6 million in under a year. He spent the money on a lavish lifestyle and gambling.
To keep the pretence that the scam was real he paid some of the victims’ money back to them as ‘profit’.
The scam came unstuck when the expected returns stopped. The first victim contacted City of London Police in February 2015.
On 18th March 2015 Jones was arrested and interviewed. He was charged on the 30th September with six counts of fraud and one theft.
City of London Police Detective Constable Gareth Dothie said “Outwardly Stewart Jones was a successful city banker earning a large wage and enjoying a comfortable life.
“His gambling addiction has cost his victims dearly and has ultimately cost him his freedom.
“I hope his story acts as a warning to the dangers of excessive gambling and the perils of fake investments.”