Radlett man appears in court over £40m Ponzi fraud (From St Albans & Harpenden Review)

Spencer Steinberg of Radlett appears in court over £40m Ponzi fraud

12:10pm Wednesday 20th March 2013 in News By Court Reporter

A man from Radlett was among a group of three people to appear in court yesterday accused of defrauding investors in a £40 million "Ponzi" scam.

Jolan Saunders, 36, Michael Strubel, 51, and Spencer Steinberg, 43, allegedly claimed their company had deals with blue chip hotel chains and, later, the Olympic Athletes Village in a four year fraud.

The alleged plot relates to the firm Saunders Electrical Wholesalers Limited which claims it would pay out good interest rates to investors.

All three defendants are charged with conspiracy to defraud between 2006 and 2010, while Saunders is additionally charged with acting as a director of a company whilst disqualified.

They were bailed on the condition that they do not contact each other, do not travel overseas and surrender their passports to the Serious Fraud Office.

Saunders, of Almonds Avenue, Buckhurst Hill, Essex; Steinberg of Lodge Inn, Radlett, and Strudel of Princes Park, Manor Royal, New Southgate, north London are yet to enter pleas.

They will return to Southwark Crown Court for a plea and case management hearing on July 12.