A 32-year-old man from Scunthorpe has been sentenced to eight years in prison for running a £9 million fraud scheme that conned over 600 people, Humberside Police have confirmed. Declan Nowell falsely claimed he was investing cash in online foreign exchange markets but spent the money on luxury cars and a house.
Massive Ponzi Scheme
Police revealed Nowell operated a classic Ponzi scheme across North Lincolnshire, using money from new investors to pay returns to earlier victims. Only a tiny fraction of the funds were actually invested, with even those investments losing money.
Legal Fallout
Sentenced at Hull Crown Court, Nowell was also banned from holding any company director role for 10 years. He admitted two counts of fraud by abuse of position in a February hearing.
Nowell Court
Detective Constable Paul Twidale said the probe began after several victims reported issues withdrawing money from accounts linked to Nowell’s firm. Nowell maintained he had £28 million hidden in a “mystery pot” to repay investors, a claim police dismissed.
Ongoing Asset Recovery
Humberside Police continue efforts to recover the lost funds under the Proceeds of Crime Act 2002, aiming to return as much as possible to the defrauded investors.
