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£1m fraudster James Rintoul only had £50 in bank
A CITY trader who conned investors out of more than a million pounds had assets worth only £50 left when police caught up with him, York Crown Court heard.
Specialist financial investigators went through the affairs of former Ryedale businessman James David Rintoul as part of the criminal case against him.
They estimated he had benefited by £1,123,181.50 from his crimes - but when they looked for the money, they could only find £50 in a bank account.
Judge Neil Clark ordered that the money be confiscated and made an order officially confirming that he had benefited by £1,123.181.50.
Rintoul’s crimes began in 2008 when he set up Fuel Pulse Ltd, an oil investment business, registered at an address in Yorkersgate, Malton.
The 56-year-old, formerly of Wykeham near Scarborough, is currently serving a prison sentence of two years and eight months after admitting defrauding investors. He is also banned from being a company director for seven years.
Earlier this year, York Crown Court heard that Rintoul set up the firm to use his knowledge of oil trading and City reputation to make profits for friends and business partners.
But the global downturn hit and as the company made losses, he falsified its records and tried to attract more investors into the scheme. He sent them expensive Christmas presents to make them believe everything was all right.
His barrister, Martin Sharpe, said Rintoul believed he could “trade his way out” of his predicament.
Eventually, with his business on the brink of collapse, he handed himself into police, leaving nine investors tens of thousands of pounds out of pocket.