Conman who blew £2m of investors’ cash on VIP lifestyle is fined
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ขาย : Conman who blew £2m of investors’ cash on VIP lifestyle is fined
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'As a result of his lies, deceit, false promises and, as they turned out worthless assurances, those customers have, while he enjoyed the high life, at best lost the entire value of their investments and at worst been rendered penniless.' Some lost their entire pensions, one woman who retired not only lost her home but had to return to work and a father was unable to fulfil his promise to pay for his daughter to attend university, meaning her chance at higher education was lost. The court heard Rae convinced investors to part with money by claiming he had secured a 'major financial investment' but could not reveal the specifics of it as he had signed a non-disclosure agreement in relation to it.