InvestmentsApr 17 2023

Man pleads guilty to defrauding investors out of millions

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Man pleads guilty to defrauding investors out of millions
Sentencing of Jonathan Allard is due at Southwark Crown Court after he pleads guilty to one count of fraud. (Ekaterina Bolovtsova via Pexels)

A man has admitted swindling investors out of millions to fund his life of luxury.

Jonathan Allard, 39, pocketed at least £1.5mn invested in Zurich Private Capital by at least 100 victims, Southwark crown court heard.

Allard splashed out on fabulous holidays around the globe and a £180,000 Lamborghini Aventador.

The luxury car was seized when he was arrested in November 2016.

David Roberts, prosecuting, earlier said: "Money intended for investments was paid into bank accounts to which the defendant had control or access to.

"These accounts held by him and the company Zurich Private Capital in Hong Kong and another bank account show invested funds being spent on high-end lifestyle products."

Allard, of southwest London, appeared at Southwark crown court to admit one count of fraud between 1 January 2013 and 31 December 2017.

He was released on bail ahead of sentence on condition he lives at his apartment; surrenders his passport; does not contact investors in Zurich Private Capital.

Allard will be sentenced on a date to be fixed.