Sussex pair jailed for £5m bogus betting fraud

An uncle and nephew have been jailed for defrauding 145 people in a £5m bogus betting scam.

Simon Reynolds and his nephew Ian claimed to provide "expert" advice for betting on sporting events, the Crown Prosecution Service said.

But the pair either kept investors' cash or used it to cover their losses with betting companies.

Det Con Jon Moore said: "Many investors have lost their pension, inheritances and life savings.

"Simon Reynolds claimed to have a tried and tested system to make money on the betting exchanges which could provide an income of 2% per month on any money invested.

"The sales pitch claimed that only 1% of the investment would be at risk."

The pair sent monthly updates to investors indicating how much the investments had increased, Det Con Moore said.

"All the time the scheme was losing money from the outset," he added.

Just over £1.5m has been repaid to those who paid in to the scheme, which ran from 2008 to 2012.

The pair were sentenced at Lewes Crown Court this week.

Simon Reynolds, 64, from Hoe Lane, Flansham, West Sussex, was jailed for six years, while Ian Reynolds, 52 from Ninfield Road, Bexhill, East Sussex, was sentenced to three-and-a-half years.

Simon Reynolds had pleaded guilty to two counts of fraud by false representation in March 2020, and Ian Reynolds was convicted of one count after a trial last May.

He was acquitted of a second charge.

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