Investment fraud is becoming an increasingly alarming issue. According to ActionFraud, over 30,000 reports of investment fraud were filed last year alone, with individuals losing an average of £25,110 each. Fraudsters lure individuals with promises of high returns, minimal risk, or exclusive opportunities, only for them to realise their hard-earned savings have disappeared. The damage caused by investment fraud goes beyond financial loss, it can shatter trust, cause emotional distress, and disrupt lives.
This reality became all too clear for Alan Jaques, a businessman living in Sutton-in-Ashfield in Nottinghamshire when he met David Hugo Hargreaves via Facebook. David presented himself as a successful entrepreneur boasting of having successfully grown and sold a personal injury law firm and claiming to be in the process of growing an accountancy firm. Adding to his credibility, Hargreaves had even authored a book on business and investment growth, which further convinced Alan of his legitimacy.
By the summer of 2021, Alan was actively seeking a medium to long-term investment opportunity. Aware of Alan’s interest, Hargreaves initially attempted to persuade him to invest in his accountancy business, but Alan declined.
Later that year, Hargreaves approached Alan with a new investment proposition. This time, he suggested investing in a fund controlled by Siam Kidd, an investor, entrepreneur, and founder of The Realistic Trader, a platform teaching responsible financial trading and wealth-building. As Siam Kidd has a good reputation in the investment community, Alan agreed to join the venture and transferred a total of £10,000 to David, which David transferred to Siam Kidd.
Over the following few months, Alan’s suspicion grew due to the absence of paperwork regarding the investment. Feeling increasingly dismissed by David; Alan suggested reaching out directly to Siam Kidd for clarification. Nonetheless, David discouraged him and warned Alan not to “disturb him”.
In August 2022, Hargreaves assured Alan that Siam Kidd had “sidestepped a blood bath in the cryptocurrency market.” Despite this, David admitted that the fund had still fallen below its original value. By late 2022, Alan grew increasingly concerned about the safety of his investment. Adding to his worries, David withdrew all communication with Alan. With no communication from David, Alan reached out to Siam Kidd via social media who advised him that all sums had been returned to David in October 2022.
After realising that David had taken the money, Alan reached out to Watson Woodhouse Solicitors launching a private prosecution against David.
In 2024, David Hugo Hargreaves was convicted of Criminal Fraud. Alan Jaques stated, “After our long build up to the day in court I was very pleased to see David Hargreaves convicted of Criminal Fraud and that he has been ordered to repay my Crypto investment back to me.”
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