Former IFA David Gerald Dixon, who created a multi-million pound Ponzi scheme, has pleaded guilty to five charges of fraud.
Dixon created the scheme through two companies known as Arboretum Sports (USA) Incorporated and Arboretum Sports (UK) Limited.
Through those companies, collectively referred to as ‘Arboretum Sports’, victims were induced into placing money into what they were told was a no-risk gambling syndicate with the potential for huge rates of return. In reality, the scheme was a dishonest vehicle for Dixon to appropriate the funds of its members.
Dixon pleaded guilty to a series of fraud offences at Southwark Crown Court today following a joint investigation by the Serious Fraud Office and Hampshire Police.
An SFO spokesman says Dixon was previously sentenced to four and a half years in jail for stealing £1m from clients while acting as an IFA between 1988 and 1997.