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Three charged in 'Ponzi' inquiry

Nikhil Kumar
Tuesday 28 June 2011 19:00 EDT

Three individuals were charged in relation to an alleged "Ponzi" scheme worth £10m yesterday.

Daniel Hirst, Linda Christine Hirst and Zoe Waite were charged following an investigation by the Serious Fraud Office (SFO). John Hirst was charged in the same matter in March.

The allegations centre on Gilher Inc, a Panama and Seychelles registered firm operated by John Hirst. Gilher invested funds on behalf of private clients, and came under the SFO's scanner following complaints by investors. The SFO said the alleged scheme targeted Britons and other expatriates in Mallorca, along with investors in France and the US. "Over £10m was obtained from investors with losses believed to be around £6m," the agency said.

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