A company director who posed as a multimillionaire to persuade investors to fund £3 million into his failing business has been told to pay back just £1 in compensation.
Alan Chandler, 46, from Melton was found guilty of falsely claiming his company was thriving, to gain an investment of £2,954,597 for his green energy company, Soleil Holdings Ltd.
Most of the money was invested in his business – however, he personally spent a reported £400,000 on a luxury lifestyle, which included holidays and fast cars.
In July, Chandler was jailed for seven years after admitting three counts of fraud at Lincoln Crown Court.
At a confiscation hearing on Monday, he argued that he now had no assets – meaning he could only be ordered to pay back £1.
He was warned he faces an extra day in jail if the money is not paid within four weeks.
Fredrik Werner and Agne Svensson, who invested almost £3 million in Chandler’s business, are thought to have lost every penny of their money when Soleil Holdings Ltd collapsed due to outstanding debts.
Recorder Paul Mann QC who was sentencing at the time said:
“If the investors had known the truth, they would have cut their losses. As it was they became sucked into making more payments as a result of your assurances. They have lost every penny they invested with you. You just fed them lies.”
“You created a fictional lifestyle. In every sense of the word you have lived your life as a professional conman.”
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