London Capital & Finance Executives Found Guilty of Running UK's Largest Ponzi Scheme

A High Court ruling confirms that the collapsed firm defrauded thousands of investors, with executives misusing funds for personal luxury.

The High Court has ruled that London Capital & Finance (LCF) operated as a Ponzi scheme, defrauding 11,600 investors of £237 million.
Executives, including former CEO Michael Thomson and shadow director Spencer Golding, were found guilty of systemic misrepresentation and fraudulent conduct.
Funds from new investors were used to pay returns to existing investors, a hallmark of Ponzi schemes, while executives indulged in lavish personal expenditures.
LCF's collapse in 2019 left creditors owed £379 million, with taxpayers covering a £120 million compensation bill.
The court's decision paves the way for substantial compensation claims against the defendants, as the Serious Fraud Office continues its investigation.