Gambler jailed for £1.3m Ponzi scam

Press Association
PA
PA

%VIRTUAL-SkimlinksPromo%A gambler who conned private investors, including a friend with a disabled child, out of £1.3 million has been jailed.

Nicholas Peter Ford used a technique known as a "Ponzi" scheme, where he took money from investors as part of a spread betting syndicate but then paid them back using money given to him by other investors rather than any profit he had made, according to Sussex Police.