Scunthorpe director jailed in £9m Ponzi forex fraud

Lincolnshire director ‘driven by personal greed’ bought a McLaren car with money defrauded from 600 investors in foreign exchange investment scheme, creating ‘false illusion of financial success’

Declan Nowell, 32, from Scunthorpe in Lincolnshire, was jailed for eight years at Hull Crown Court on Friday after pleading guilty to two counts of fraud and one count of operating an unauthorised, unregulated investment scheme.

The Crown Prosecution Service (CPS) and Humberside Police said Nowell was the sole director of Investing4you Limited, which claimed it traded on the foreign exchange (forex) markets.

Investing4you was set up in 2020, only one year before police investigation into Nowell began.

In 2021 detectives commenced an investigation into Nowell and his company after receiving several reports from members of the public being unable to withdraw funds.

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