An 86-year-old former Nasa scientist who defrauded over 100 investors will have the majority of his victims' losses returned after a confiscation order was secured by the Financial Conduct Authority (FCA). John Burford, from Nottinghamshire, was sentenced to two years in prison last year after admitting to defrauding investors out of £1 million.
Details of the fraud
Burford traded only around £760,000 of the invested money, much of which was lost, and admitted to spending proceeds on buying his own home. He had offered trade alerts and investment opportunities in what he claimed were "managed funds", despite lacking any authorisation. The FCA found he repeatedly misled investors about fund performance, concealed losses and used their money for personal gain.
Confiscation order
At a hearing at Southwark Crown Court on Monday, Burford was ordered to pay £655,951.40 after the FCA obtained a confiscation order against him. The regulator said this total payout represents the total value of assets the court found could still be recovered. These funds will be returned directly to the victims of his crimes.
Recovery for victims
The FCA said the payments, together with previous payments from Burford to investors, means that an estimated 99% of the money originally invested by the roughly 70 known victims will have been returned. Steve Smart, executive director of enforcement and market oversight at the FCA, said: "Mr Burford scammed investors to fund his own lavish lifestyle. Clawing back stolen money from fraudsters and returning it to victims sends a clear message that crime doesn't pay."
