Some lost their entire pensions, one woman who retired not only lost her home but had to return to work and a father was unable to fulfil his promise to pay for his daughter to attend university, meaning her chance at higher education was lost. ‘As a result of his lies, deceit, false promises and, as they turned out worthless assurances, those customers have, while he enjoyed the high life, at best lost the entire value of their investments and k5 learning math 5th grade at worst been rendered penniless.’ Incredibly, the court heard how the conman Rae had looked into a Lake District property with helicopter landing pad in the belief ‘major money, in the form of billions, was coming for himself and the investors’. Miss Smithies said when worried investors asked questions about their money, they were told to ‘stop badgering’, ‘f*** off, in terms’ and others were warned if they kept asking they would ‘go to the back of the queue’.
The court heard Rae convinced investors to part with money by claiming he had secured a ‘major financial investment’ but could not reveal the specifics of it as he had signed a non-disclosure agreement in relation to it. Miss Smithies added: ‘Meanwhile, he was enjoying luxuries, there is reference in the papers to a £200,000 Aston Martin, a luxury trip with friends via private jet to a golf tournament in the US, the jet cost £114,000.
‘His indulgence with money, which the Crown say belonged to others, included a VIP hospitality package of £30,000 for that holiday, a £178,000 house extension, there are trips to watch Sunderland FC from executive boxes at £68,000.’
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