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May 19, 2024 3:41 pm

Former Chartered Accountant and Football Club Chairman Sentenced to 8 Years for £4m Fraud

Former Spalding United football club chairman, Christopher Toynton, has been found guilty of fraud in a £3.9m spread betting “Ponzi” scheme. The 73-year-old, along with accountant Ross Gibson, was charged with defrauding investors in a scheme named the Lottery Syndicate Club.

After a two-month trial at Lincoln Crown Court, Toynton was found guilty of running the “Ponzi” scheme, which saw investors lose money. The court heard that Toynton promised high returns on investments, but instead used the money to fund his own lifestyle and repay earlier investors. Gibson had already pleaded guilty to three charges of fraud.

Toynton, who was also a member of the Football Association’s council, had been involved in the football industry for several years. He had been the chairman of Spalding United football club and had previously worked as a referee and a scout for several professional teams.

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Sentencing for both men is set to take place at a later date. The case has highlighted the dangers of “Ponzi” schemes and the importance of conducting proper due diligence before investing in any opportunity.

The Football Association has released a statement expressing its disappointment with Toynton’s actions. The organization reiterated its commitment to maintaining high standards of governance and transparency in football, and stated that it would be conducting its own investigation into the matter.

The case serves as a reminder of the importance of integrity and accountability in all industries, and ensuring that proper financial controls are in place to prevent fraudulent activity. It also serves as a reminder that fraud can happen in any organization, and that it is important to be vigilant and report any suspicions of wrongdoing. and the need to hold those responsible for fraudulent activity accountable for their actions.

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