Businessman jailed for £111m scam
A company director who masterminded a £111m scam, allowing him to enjoy a luxurious lifestyle which included a yacht and racing cars, has been jailed for nearly nine years.
Max Fraser, from Leicestershire, was the "driving force" behind the seven-year scam which involved tricking more than 20 financial institutions, including high street banks, to loan money.
The scam involved the creation of hundreds of fake invoices for machinery and equipment that either did not exist or had multiple hire purchase agreements on them.
Fraser, 44, the former managing director of Nylacast Limited in Leicester, carried out the fraud between 2001 and 2007.
Following the firm's collapse, some companies were forced to close and many jobs lost as a result of the fraud.
Banks, including Allied Irish, were among those affected, closing an entire section following the loss from the fraud, Leicester Crown Court heard.
Fraser admitted conspiracy to defraud financial institutions, fraudulent trading and conspiracy to commit false accounting at an earlier hearing.
Sentencing him, Her Honour Judge Sylvia der Bertodano said it was a tragedy that a man of such "precocious talents" used these to perpetrate fraud rather than to build up a thriving business.
She told the law graduate: "You went deeper and deeper and thought you could trade your way out of financial difficulties. You knew you were risking the lives and livelihoods of those who had placed their trust in you and your company."
The court heard the firm was thought to have been insolvent since 2003.