PS50million conman has to repay just PS350,000.
Byline: CIARAN STEWARD
A CONMAN who stole PS50 million from investors and blew it on cars, holidays and a yacht is set to pay back less than PS350,000.
Richard Clay, 51, promised clients their money would be safe in offshore property but blew it on high living or loss-making projects.
He is said to have personally made almost PS5million from the scam but a confiscation hearing at Southwark crown court, South London, ordered him to repay just PS344,244. Judge Nicholas Loraine-Smith - who jailed Clay for 10 years and 10 months in October after he pleaded guilty to fraud - told him to repay PS275,000 in 21 days and a further PS69,244 in three months or face three extra years' jail. Clay, of Belper, Derbyshire, and then-partner Kathryn Clark, 53, of Edwalton, Notts, used marketing company Arck LLP to push unregulated financial products.
She had been spared jail but was yesterday ordered to repay PS218,522.
SWINDLER Liar Clay