Briton accused of £4m pyramid scam

My Account
Logout

Create an Evening Standard Account

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Welcome! Sign in here

Use your social network

Save time by using your existing account to sign in to Evening Standard

We'll never share your information or post anything to your account without your permission

Forgot your password ?

Registration

* indicates fields that are mandatory

Email *

Password *

Confirm Password *

First name *

Surname *

Postcode *

Country *

Mobile phone number

Username *

Gender *

Year of birth *

When you sign up...

You will have access to all our online competitions, discounted offers and can post comments on our site.

You will also receive The Weekender newsletter sent every Thursday - it’s full of fantastic offers and ideas for the weekend. You can update your email preferences in your account page when you log in.

Other newsletters and emails

Homes & Property Newsletter - Yes I want to receive the weekly email with all the latest news on property in the capital

Occasionally we would also like to send you relevant emails detailing specific offers either from ourselves or carefully selected partners. If you would prefer not to receive these then please tick the appropriate boxes below. We will never pass on your details.

I do not want to receive additional offers and information from the Evening Standard

I do not want to receive additional offers and information sent by Evening Standard on behalf of carefully selected partners

Terms and Conditions

* I have read, understood and agree to be bound by the terms and conditions of Evening Standard

Registration

Mail Sent for Registration Confirmation.

A confirmation email has been sent. Please activate your account by clicking on the activation link sent in your mail box.

Robert Tringham, 64, from Knebworth, Herts, is accused of running a pyramid scheme in which investors were duped into handing over money they believed would be held in safe accounts and used only to buy bonds.

Instead, the money was used to buy a home and Land Rover for Tringham, the indictment filed by prosecutors in California alleges.

If convicted of the 11 counts against him, he could receive a maximum sentence of 170 years in prison.

Currently based in Diamond Bar, California, he is accused of conducting the alleged fraud through his investment firm First National Bancorp Securities.

A complaint filed by US regulators in April accuses him of fraudulently raising at least £4 million from four or more investors since 2006.

One client was promised returns of 2.5% a month, or 30% per year, on the money they placed with Tringham, said the Securities and Exchange Commission.

The SEC also claims Tringham repeatedly refused requests from clients to redeem their investments.

Under the criminal indictment filed by the US Attorney's Office, Tringham faces charges that also include mail and wire fraud. Tringham is also accused of failing to pay nearly 500,000 dollars in income tax.

He was arrested on Tuesday and at an initial appearance in a Los Angeles federal court was held without bond until a bail hearing on Friday. He is due to appear in the District Court of Los Angeles next Monday.