UK fraud trial opens over $119m car investment scheme
Two businessmen accused of defrauding investors through a car investment scheme involving about 88 million pounds ($119 million) are due to stand trial in London, the U.K. Serious Fraud Office (SFO) said.
Reginald Larry-Cole and Scott Martin each face three counts of fraud over their roles at the Raedex Consortium, which operated investment schemes including Buy2Let Cars, PayGo Cars, Wheels4Sure and Rent2Own Cars. Both men have pleaded not guilty.
Prosecutors allege the companies offered investors returns from fleets of vehicles leased to customers but ultimately collapsed into administration in 2021, leaving hundreds of investors facing losses. The SFO opened a criminal investigation that year and later charged Larry-Cole, the consortium’s founder, and Martin, its former chief executive. The agency alleges the pair made false representations to investors about the financial health and operation of the businesses between 2012 and 2021. Their trial is scheduled to begin at Southwark Crown Court.
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