Originally posted by MarillionFan
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I am still in office just now, so some might say I don't have a life
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Was it really a Ponzi scheme? It was illegal under FSA rules I believe and at the time I thought he was just stupid to do it since vast majority of money got returned, normally in Ponzi schemes they don't get returned or very little.Originally posted by Bagpuss View PostComment
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You're answering your own question. Having fecked up his 'Ponzi' scheme and had a taste, he then up's the stakes my living out a classic mid-life crisis, younger bird, flasher cars, then the birth of a child brings the whole thing into focus. You're an adult, you've grown up, responsibility. That can be enough to push someone already out of control further over the edge.Originally posted by Bagpuss View PostWhat happens in General, stays in General.You know what they say about assumptions!Comment
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In the end £1,220,782 wasn't paid back, FSA agreed to let him pay 840k, 10,000 for 84 months. But he thought best to spend income, and clients money on fun. One of the victims put the money from his house sale into the scheme, not sure how much he lost.Originally posted by AtW View Post
First thing I thought when the police told me what had gone on (nearly a year ago) was this guy must have a hidden problem, I thought maybe drugs or gambling, turns out it was funding a bit of the other.
So in total, he's stolen/ misappropriated the best part of two million quidLast edited by Bagpuss; 9 February 2012, 19:20.The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.
But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”Comment
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Not to defend him, but that is not an indicator of ponzi scheme - at the time I understood that the scheme lost money, which it entirely possible given currency volatility on markets, now if he was paying supposed profits to new entrants of the scheme using actual money put in by earlier members then it would be Ponzi.Originally posted by Bagpuss View Post
An academical difference in this fiasco - I did not realise so much more stuff was going on
I feel sorry for Tina and her child and obviously for the victims of this fraud: 6 years in jail however is a pretty harsh sentence that I certainly did not expect to come out of this one!Comment
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I don't really want to get into semantics, most of the money wasn't invested, and it had the hallmarks of a Ponzi scheme. But whatever happened these people lost a lot.
With respect to who you feel sorry for: Allegedly the staff were told by one of the Uptons ;-) not to say anything to clients when the police first got involved. Thankfully they didn't follow that unethical advice or most likely even more would have been stolen.Last edited by Bagpuss; 9 February 2012, 19:33.The court heard Darren Upton had written a letter to Judge Sally Cahill QC saying he wasn’t “a typical inmate of prison”.
But the judge said: “That simply demonstrates your arrogance continues. You are typical. Inmates of prison are people who are dishonest. You are a thoroughly dishonestly man motivated by your own selfish greed.”Comment
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People who get jailed for fraud tend to get sent to the lighter categories of prison i.e. COriginally posted by AtW View Post
Also hardly anyone serves their full sentence particularly if they admit they are guilty and ask for other crimes to be taken into consideration."You’re just a bad memory who doesn’t know when to go away" JRComment
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Yes but when he is out his wife will be waiting for him and maybe even his mistressOriginally posted by SueEllen View Post
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The "mistress" who is a part-time "model" will move on to another Sugar Daddy.Originally posted by AtW View PostYes but when he is out his wife will be waiting for him and maybe even his mistress
It's Tina and the little one I feel sorry for."You’re just a bad memory who doesn’t know when to go away" JRComment
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Possibly, possibly not. It's easy to judge her, but it sounds like he was the one who did the running, and she had no idea he was married.Originally posted by SueEllen View PostComment
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