Jan 20 – Court Hears More Details Of Alleged “Ponzi Scheme”
Seven individuals who were roped into paying into an alleged “Ponzi scheme” gave evidence today on the third day of a trial held at the Supreme Court.
The trial is being held to look into allegations that former Ministry of Defence secretary Lizette Cornelio, and Royal Gibraltar Regiment soldiers Lance Mauro, Damian Mauro (now retired) and Aaron Smith set up an investment pyramid scheme, scamming friends and family out of money.
The four defendants have pleaded not guilty to one count of conspiracy to defraud.
The witnesses explained how they each got involved in investing money into the scheme, either having known one of the defendants or having been approached by them.
They each explained how they were told the risks, and reassured that ‘La Bola Chica’, as it was known, was a safe investment that was being made, with the opportunity to either double or triple their investment, with one condition: they had to bring other investors in to increase their chance of getting their returns.
Each witness said they got in touch with the co-defendant they had been dealing with on a number of occasions, and had to endure delays in getting their money back. Five received the full sum of money they had initially invested, one received money but handed it to other people who had invested with her, while one witness claimed he never received his money back.
Robert Fischel QC appeared for the Crown, assisted by Carl Ramagge. Francis Borastero-Porter and John Viales appear for Cornelio, Chris Miles is representing Lance and Damian Mauro, and Patrick Canessa appears for Smith.
The trial, which is being heard by a jury and presided by Puisne Judge Adrian Jack, continues tomorrow.
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