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PS50million conman has to repay just PS350,000.


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.



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Publication:The Mirror (London, England)
Date:Jun 18, 2016
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