Ex-IFA admits multi-million pound Ponzi fraud

A former independent financial adviser who set up a "no-risk gambling" Ponzi scheme has pleaded guilty to five counts of fraud.

David Gerald Dixon created the scheme that inflicted millions of pounds worth of losses on investors through two companies known as Arboretum Sports (USA) Incorporated and Arboretum Sports (UK) Limited. Through those companies, collectively referred to as 'Arboretum Sports', victims were induced into placing money into what they were told was a no-risk gambling syndicate with the potential for dramatic rates of return. In reality, the scheme was a dishonest vehicle for Dixon to appropriate the funds of its members. The Ponzi scheme was not Dixon's first offence - he was previously ...