Bexhill and Horsham man both charged with running alleged betting investment fraud
Two Sussex relatives have been charged with an alleged multi-million pound betting investment fraud.
Police said Simon Reynolds, 62, a publican, of Hoe Lane, Horsham, and his nephew Ian Reynolds, 50, self-employed, of Ninfield Road, Bexhill, appeared at Brighton Magistrates’ Court on Thursday (February 13), to answer summonses alleging they committed fraud by false representation.
The charges, authorised by the CPS, follow an investigation by East Sussex detectives into the alleged operation by the pair of an online spread betting investment fraud, in which they claimed to provide expert advice relating to various sporting events worldwide, between 2008 and 2012, involving the loss of more than £3.5 million for more than 60 victims across the UK and abroad, including 25 from Sussex.
Police said it is alleged that they operated two companies during this period, providing profits statements to investors which falsely indicated that their investments had grown.
Both men were sent for trial, with an initial appearance at Lewes Crown Court on March 11.
They are on court bail meanwhile.