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A former Nasa scientist confessed to deceiving investors and using a portion of the funds to purchase a house. John Burford managed to collect over £1m from approximately 100 investors through fraudulent means, with only £760,000 actually being traded, resulting in substantial losses. It was revealed in Westminster Magistrates’ Court that a significant portion of the money provided by investors was diverted towards acquiring Burford’s personal residence. The 85-year-old, now residing in Mansfield, Nottinghamshire, acknowledged committing fraud through false representation between January 2020 and December 2023 during his court appearance on Friday.
In addition to the fraud charges, Burford also acknowledged engaging in a regulated activity without proper authorization. According to his biography on publisher Pan Macmillan’s website, the defendant holds a PhD in physics from the University of Toronto and previously worked for Nasa’s manned Mars exploration team in Washington DC before transitioning to the finance sector. Prosecutor Tom Godfrey informed the court that Burford established a scheme involving the dissemination of daily email alerts to subscribers regarding investment opportunities. Despite trading £760,000 of the funds raised, substantial losses were incurred, with Burford utilizing a significant portion of the money to procure his own home.
Furthermore, it was disclosed in court that the former scientist served as the sole director of Financial Trading Strategies Ltd, a company for which he was not authorized to conduct trading activities in the UK. Unauthorized business operations can result in fines and a potential prison sentence of up to two years. Steve Smart, joint executive director of enforcement and market oversight at the Financial Conduct Authority (FCA), emphasized the agency’s commitment to identifying and disrupting individuals like Burford who exploit the trust of investors for personal enrichment. Despite lacking any prior criminal record, Burford is scheduled to be sentenced at Southwark Crown Court on a later date
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