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Majority of losses clawed back after former Nasa scientist defrauded investors
['Henry Saker-Clark', 'Min Read']
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Former Nasa scientist John Burford was sentenced for defrauding around 100 people (James Manning/PA) (PA Archive)Victims defrauded by an 86-year-old former Nasa scientist will recover the majority of their lost investments.
John Burford, from Nottinghamshire, was sentenced to two years in prison last year after admitting to defrauding more than 100 investors out of £1 million.
The Financial Conduct Authority (FCA) found he repeatedly misled investors about fund performance, concealed losses and used their money for personal gain.
At a hearing at Southwark Crown Court on Monday, Mr Burford was ordered to pay £655,951.40 after the FCA obtained a confiscation order against him.
Steve Smart, executive director of enforcement and market oversight at the FCA, said: "Mr Burford scammed investors to fund his own lavish lifestyle.