HIRST TRIAL SET FOR JUNE 18, SFO AFTER OTHER INDIVIDUALS

FORMER British resident in Majorca, John Hirst, appeared before a preliminary hearing at Bradford Crown Court on Wednesday, accused of a multi-million pound scheme to defraud British expatriates here on the island.

John Neil Hirst, 60, has been charged by the Serious Fraud Office in connection with a so-called Ponzi investment scheme.
It is alleged that more than £10 million was obtained from investors with losses believed to be about £6 million.

MONEY LAUNDERING
Hirst faces one allegation of conspiracy to defraud and two of money laundering but his solicitor, Philip Sweeney, has said the matter is going to be contested.

Hirst is accused of operating a Ponzi scheme targeting wealthy individuals in the island and elsewhere.
Most of the people who invested through his Panama and Seychelles-registered company are believed to be Britons based in Majorca.
Investors in France and the US are also reported to have been involved in the scheme.
Hirst will next appear at the Crown Court for a case management hearing on September 9.
A date for the trial, lasting up to ten weeks, was set for June 18, 2012 and could involve over 20 witnesses.
The appearance on September 9 is understood to be a “technical one” during which the Serious Fraud Squad will hand over all its evidence and both parties will agree, or disagree, that they are happy with the evidence placed before the Judge Peter Benson, who not only renewed Hirst's bail but also banned him from having any contact with investors this week.

More than 100 individuals are thought to have handed their money over to Hirst on the promise of annual returns of up to 20 percent.

OTHERS BEING INVESTIGATED: SFO

What evidence the Serious Fraud Office is planning on handing over remains a mystery because yesterday, the SFO confirmed that it is continuing with its investigations into a number of other individuals connected to the alleged fraud and that is understood to be ongoing in the UK and here in Majorca.

The Serious Fraud Office opened its investigation into the investment fund called Gilher Inc on November 13, 2009 when a search warrant was executed, with the assistance of Surrey Police, on a commercial property in Surrey.

This investigation arose out of a complaint from a member of the public.