|Three British Men Charged with £5m Horse Racing Betting Fraud|
Two men from Brighton and one man from Cardiff were charged in relation to what police are calling a £5 million horse race betting brochure investment fraud.
Unemployed John McCracken, 45, and self employed John Brice, 39 of Brighton as well as Cardiff-based company director Matthew Thole, 39, were bailed this week and scheduled to appear at Brighton Magistrates Court on Friday 29th June, 2012 to face their charges.
The trio are alleged to have co-operated with other individuals to lure unknowing participants into fraudulent investment and betting services.
The trio are also accused of making false claims regarding a betting service, making false claims in relation to an investment scheme and seeking and receiving payment in relation to these claims.
It is believed that the fraudulent activity was carried out between 30th April, 2003 and 13th February, 2008 with police estimating the group made profit that entered into a multi-million pound bracket.
Essentially, the trio managed to lure innocent parties into investing huge sums of their own money into non-existent horse racing betting brochure schemes where the money was being stolen rather than invested.
A fourth man involved in the fraudulent activity, a 38 year old man from Lancing, has so far not co-operated with police and has disappeared. Police are searching for his whereabouts.
Twins Gregory and Paul Spicer and Lee O’Donnell were jailed in June, 2010, on charges of conspiracy to defraud. All three are believed to have worked with McCracken, Brice and Thole in this latest fraudulent scheme as well.
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