Raj Shastri, who only a year ago was describing himself as a property millionaire at a ‘get rich quick’ seminar, is due to be sentenced on Friday.
Raj Von Badlo, also known as Raj Shastri, pleaded guilty to two offences in a foreign exchange scam which promised investors large returns.
He pleaded guilty to an offence of recklessly making false representations to investors and to a further offence of promoting a collective investment scheme without authorisation.
His guilty pleas were made last July.
On Friday, his co-defendant Alex Hope was found guilty after a trial at Southwark Crown Court.
Both men had been prosecuted by the Financial Conduct Authority.
The court heard that in the scam, Hope took more than £5m from investors and used over £2m of this for personal expenditure.
He had told investors that he would trade their money on the forex markets, promising a return of up to 100% in just a few months.
Shastri is pictured in the days when he boasted of his wealth
Comments (3)
2nd hand roller and obviously parked outside someone else's house as why not on the drive – would have smelt a rat seeing this!
I would have smelt a rat if he had called it a "Roller", it's a Bentley.
Hahahaha I was about to say the same 😉