Hove man among complainants as two men face multimillion-pound fraud charges

Posted On 17 Feb 2020 at 2:39 pm

A 33-year-old man from Hove is among more than 60 alleged victims of a multimillion-pound fraud run by two men from Sussex.

The pair, Simon Reynolds, 62, a publican, of Hoe Lane, Horsham, and his nephew Ian Reynolds, 50, self-employed, of Ninfield Road, Bexhill, are due before a crown court judge next month.

They appeared at Brighton Magistrates’ Court on Thursday (13 February) to answer summonses alleging that they committed fraud by false representation.

Sussex Police said: “Two Sussex relatives have been charged with an alleged multimillion-pound betting investment fraud.

“The charges, authorised by the CPS, follow an investigation by East Sussex detectives into the alleged operation by the pair of an online spread betting investment fraud.

“They claimed to provide expert advice relating to various sporting events worldwide, between 2008 and 2012, involving the loss of more than £3.5 million for more than 60 victims across the UK and abroad, including 25 from Sussex.

“It is alleged that they operated two companies during this period, providing profit statements to investors which falsely indicated that their investments had grown.

“Both men were sent for trial.”

They were both given unconditional bail until Wednesday 11 March when they are due to make an initial appearance at Lewes Crown Court.

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