A serial fraudster who persuaded people to give him their life savings in a gold trading scam has been sentenced to seven years in prison.
Christian Fallon defrauded members of the public by taking their savings and claiming to invest them in various schemes including trading precious metals and property investment.
Isleworth Crown Court heard Fallon persuaded his clients to part with tens of thousands of pounds at a time, using a loan note, a form of IOU, to cover his tracks so that he had a defence to spend the money how he wished.
Whilst he gave reassurances to the people he defrauded that he was making money for them, Fallon was actually spending their savings on himself.
In total he took £1.9 million from his ‘investors’ but left them with a net loss of £885,625. He was sentenced yesterday (5 October).
Nina Montalbano, from the CPS, said: “Many of Fallon’s victims had trusted him with their life savings but he spent them on sending his children to private school, enjoying meals in top London restaurants and going on luxury holidays.
“Fallon tried to cover his tracks by using false documents. Evidence from the CPS proved, however, that he had told them they were investing in gold and property with the promise of dividends that he never provided.”
Notes to editors
- Nina Montalbano is a lawyer in the Specialist Fraud Division.
- He was sentenced to seven years in prison and disqualified from acting as a director for five years.