UK Accountants Found Guilty In Fraud Case

Mon, 03 Mar 2008

Two accountants have been found guilty of attempting to bribe a US official in a $200 million (£100m) investment fraud case.

Birmingham Crown Court today heard how UK accountants Alan White and Shinder Gangar ran a Ponzi, more commonly known as a pyramid scheme, in conjunction with US resident Terry Dowdell.

The Serious Fraud Office said that White and Gangar persuaded prospective clients that their system was credible by telling them that a number of famous people were investors in the scheme, including composer Andrew Lloyd-Webber .

During the hearing in the West Midlands, Lloyd-Webber gave testimony that he had not been involved or had any knowledge of his name being used in the scheme .

Dowdell, from Charlottesville, Virgina, was brought over from a US prison, where he is currently serving a 15-year sentence, to provide evidence at the hearing.

White and Gangar were both found guilty on one count of conspiracy to defraud and one count of conspiracy to commit corruption and have been remanded into custody for sentencing.

The corruption charge was handed to the pair due to their attempt to bribe an unnamed law official with $50,000 (£25,199) to lift a freezing order imposed by the US Securities and Exchange Commission on accounts linked to Dowdell.
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