Northern Ireland

NI investors lose millions in con

£20 notes

Hundreds of investors in Northern Ireland and the Republic have been conned out of millions of pounds after investing in a Ponzi scheme.

The fraudulent operation pays returns to investors from their own money or money paid by subsequent investors.

Authorities in the UK have frozen £6m in assets.

They have also been granted a restraining order preventing the man behind the scam from continuing to operate.

A spokesperson for the Financial Services Authority has confirmed that assets have been frozen and a restraining order had been granted against an individual and a company.

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