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Ponzi scheme steals millions from British ex-pats in Mallorca
The Serious Fraud Office (SFO) in Britain has uncovered an investment scam allegedly run by former Mallorca resident John Hirst. The Gilher Fund went under investigation by the SFO once complaints were lodged by investors. Dozens of British ex-pats in Majorca were offered 20% returns on their investments, and many have now lost their life savings.
The Palma National Police detained a British accountant who is said to have worked on the fund with Mr Hirst. He is accused of taking advantage of his position as a highly regarded financial advisor by misleading wealthy investors in Mallorca and recommending fraudulent investments. The accountant was questioned by the police and released on bail yesterday. His defense team claim that he is innocent, and say that he is a victim of the scheme as he has also lost a great deal of money.
It is estimated that €12 million has vanished. Mr Hirst had previously been interviewed by the SFO in the UK but his whereabouts now is unknown.
