Hampshire man admits £4m betting fraud
A conman has admitted swindling an estimated £4m out of investors through fake shares and a false betting scheme.
David Dixon, 49, of Basingstoke, Hampshire, persuaded his victims that shares in his company would be worth more than £3m by 2009.
Southwark Crown Court heard him admit to fraud by false representation.
Dixon also pleaded guilty to three counts of making a misleading, false or deceptive statement and one count of dishonestly concealing a material fact.
Between 2004 and 2007, Dixon told people his company, Arboretum Sports was a betting organisation.
In fact it worked as a so-called Ponzi scheme by paying investors with other investors' cash, not its profits.
Prosecutor John Hardy QC, told Southwark Crown Court that Dixon had taken around £4m through the schemes.
Dixon, who was extradited from Malaysia, also admitted falsely promising investors they were buying shares in a casino being built in Singapore associated with MGM Mirage, between 2005 and 2007.
He also sold fake shares in the famous Las Vegas casino brand between 2004 and 2007.
He took money from his victims by claiming additional funds were required to meet the full costs of the scheme.
He was remanded in custody to appear for sentencing on 22 April.