An accountant based in the Isle of Man has managed to steal £607,537 ($786,769; €700,784) from investors through a Ponzi scheme.
Paul Deighton pleaded guilty to using his accountancy firm, Haven Administration, to take money from individuals and companies.
The highest sum he managed to defraud was £110,638 from an electrical services company, while three individuals have each lost at least £100,000 to Deighton’s scheme.
The fake investment opportunity, for which he offered highs return for little risk, ran between January 2013 and April 2019.
Not defendable
Deighton pleaded guilty after having disclosed stealing £84,914 from a building firm, £10,857 from a construction business and £1,127 from another company.
He also defrauded five individuals of sums ranging between £30,000 and £130,000.
Prosecutor James Robinson argued the case should go to the higher court due to the amount of money stolen, local paper IOMToday reported.
High Bailiff James Hughes agreed with the prosecution and Deighton’s trial has been handed to the Court of General Gaol Delivery, but the sentencing date was not decided during the hearing.
The conman was granted a £500 bail as long as he stays at his home address and does not leave the island.
