On 14th February 2011, at Southwark Crown Court, foreign exchange trader Terence Freeman was sentenced to 8 years imprisonment for fraudulent trading and other offences to which he had pleaded guilty at an earlier date.
He conned investors into putting money into his company, GFX, and conned them into keeping it there, even when the business started to fail. He did this by giving them false or inaccurate information and by withholding information from them.
In particular, he failed to tell investors that he was an undischarged bankrupt and disqualified from acting as a company director or being involved in the management of a company. Had investors known the true state of affairs, they would never have entrusted him with their money.
Passing sentence, HH Judge Hardy stated that this was one of the most serious cases of its type that he had had to deal with in nearly 20 years on the Bench. There were more than 300 victims and they had lost around £14 million. The victims were ordinary hard working men and women and their families who trusted Mr Freeman to invest their hard earned pensions, inheritances and savings.
Prosecuting counsel was Stephen Hellman, who had acted throughout, advising on charges and preparing the case, which was originally to be contested, for trial.