Zimbabwean jailed 4 years in the UK for fraud
Northampton (UK) – Russell Ncube, a Zimbabwean businessman based in Northampton was on Wednesday sentenced to serve four years and six months in prison after a jury found him guilty of fraud by false representation.
Ncube ran a pyramid scheme called Sinawa Investment Club, where clients invested huge sums of money with him in return for promised profits from investments made.
Investors were also paid for recruiting others into the club. Many fellow Zimbabweans paid hundreds of thousands of pounds into the club.
Nehanda Radio understands the club was shut down by authorities in December 2011.
Ncube’s trial was concluded on the 31st of March this year and he “pleaded guilty to an offence of Carrying on a Regulated Activity without Authorisation, contrary to Sections 19 and 23 of the Financial Services and Markets Act 2000.”
On Wednesday Judge Mayo sentenced Ncube to four years and six months imprisonment in relation to the charge of fraud by false representation and a prison sentence of one year was imposed for “Carrying on a Regulated Activity without Authorisation.”
The two sentences will run concurrently, meaning he will serve four years and six months in prison.
Nehanda Radio also understands the Crown Prosecution Service has launched confiscation proceedings with a view to confiscating Ncube’s assets, which include the monies currently restrained in the Sinawa Barclays Bank account.
Hundreds of investors await the conclusion of this confiscation process as the money recovered will be used to pay them back. Authorities are currently liaising with all the investors and attempting to establish when and how much they paid into the club, including any interest payments they received.
Nehanda Radio has also been told there is a substantial shortfall of investors’ funds and no investor will receive the full amount of their investment.
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