Accountant Jailed for Orchestrating Fraudulent Ponzi Scheme

An accountant has been jailed for six years after he abused a position of trust and encouraged his Doncaster clients to invest in a fraudulent pyramid selling scheme.

Geoffrey Langdale, 63, of Springfield in North Yorkshire, arranged a "Ponzi" investment scheme and encouraged 28 victims to invest various amounts of money ranging from £10,000 to £260,850. Mr Langdale told his victims their money was being invested into an 'umbrella' account of a legitimate company with high interest rates and that it was a subsidiary of a well-known high street bank.

Debra Chan, Senior Crown Prosecutor in the CPS, said:

"Over a period of 11 years Geoffrey Langdale abused his position as a trusted accountant while his victims, reassured by the reputation of his longstanding accountancy practice, were encouraged to invest money in his fraudulent "Ponzi" scheme.

"He fooled genuine investors by producing fraudulent documents and forging company logos to imply their money was safe. Instead of investing his clients' money as promised, he used more than £1m to prop up his own companies including investing in a chemical company that later collapsed. As his debt spiralled out of control, he simply encouraged more and more people to invest in the scam.

"This conviction highlights Geoffrey Langdale's dishonesty and the blatant disregard for the welfare of his clients."

Langdale admitted to fraud and obtaining a money transfer by deception and was jailed for six years.

If you've been accused of or charged with committing fraud, contact our fraud solicitors on 0845 603 0708 for advice.

G V Hale & Co

Fraud Solicitors