Ponzi scheme man pleads guilty

A fraudster who conned more than 700 people out of a total of £14m yesterday pleaded guilty to deceiving investors. He spent the cash on holiday homes, a diamond ring and a set of City offices. Like the frauds of New York conman Bernie Madoff, Terry Freeman’s scheme was revealed when investors began to ask for their money after the collapse of Lehman Brothers. Freeman had been previously convicted in 1997 for financial crimes and, upon being freed after four and a half years, changed his name to disguise his past.