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Brits in Spain lose millions to yet another financial fraudster
| Published: | 30 Aug at 6 PM |
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In spite of endless warnings about financial fraudsters preying on expats, another Ponzi scheme has now been uncovered.
Victims of the latest financial fraud in the popular Spanish resort of Marbella have claimed losses of up to six million in sterling due to a Ponzi scheme being run by a Welsh investment advisor. Rhys Williams lived the high life in the resort, persuading his victims to invest eye-watering amounts in a Dubai printing and paper recycling firm as well as in Dubai trading platforms. The fraudster guaranteed returns of two per cent per month and, in spite of regular media and online warnings against such frauds, his victims threw more and more money in his direction.
Many of those who lost money had been recruited via his children’s exclusive Marbella private school, with Williams attending events crammed with wealthy parents and persuading them to invest. One 84-year old British expat pensioner gave Williams €1.64 million and hasn’t seen a penny of it since. The pensioner’s son told local media the shock has destroyed his father, who’s had a stroke as a result, and his family are desperately trying to pay off his debts. Apparently, Williams snared the pensioner through a director of a Gibraltar cryptocurrency firm, providing trips to Sweden, Wimbledon for the tennis tournament and meals at expensive restaurants. Another expat invested €500,000 in the Dubai company, and told the media Williams and his wife were very convincing as they lived the high life with all the obvious trimmings.
Up to a dozen other British expatriates are reported to have invested and lost between €100,000 and €1 million, with another duped investor claiming losses of €1.5 million. Apparently, Williams arrived in Marbella around a decade ago after having been made bankrupt, with his care home company under investigation by the fraud squad. In spite of his record, he was able to set up several companies in Panama and Dubai. In the tried and true manner of all financial fraudsters when they’re found out, Williams and his family have fled Spain and are believed to be holed up back in Wales.
Victims of the latest financial fraud in the popular Spanish resort of Marbella have claimed losses of up to six million in sterling due to a Ponzi scheme being run by a Welsh investment advisor. Rhys Williams lived the high life in the resort, persuading his victims to invest eye-watering amounts in a Dubai printing and paper recycling firm as well as in Dubai trading platforms. The fraudster guaranteed returns of two per cent per month and, in spite of regular media and online warnings against such frauds, his victims threw more and more money in his direction.
Many of those who lost money had been recruited via his children’s exclusive Marbella private school, with Williams attending events crammed with wealthy parents and persuading them to invest. One 84-year old British expat pensioner gave Williams €1.64 million and hasn’t seen a penny of it since. The pensioner’s son told local media the shock has destroyed his father, who’s had a stroke as a result, and his family are desperately trying to pay off his debts. Apparently, Williams snared the pensioner through a director of a Gibraltar cryptocurrency firm, providing trips to Sweden, Wimbledon for the tennis tournament and meals at expensive restaurants. Another expat invested €500,000 in the Dubai company, and told the media Williams and his wife were very convincing as they lived the high life with all the obvious trimmings.
Up to a dozen other British expatriates are reported to have invested and lost between €100,000 and €1 million, with another duped investor claiming losses of €1.5 million. Apparently, Williams arrived in Marbella around a decade ago after having been made bankrupt, with his care home company under investigation by the fraud squad. In spite of his record, he was able to set up several companies in Panama and Dubai. In the tried and true manner of all financial fraudsters when they’re found out, Williams and his family have fled Spain and are believed to be holed up back in Wales.
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