Ex-NASA scientist from Mansfield jailed for £1million fraud in bogus investment scheme
A former Nasa scientist who now lives in Mansfield has been sentenced to two years in prison over a £1million investment fraud case.
John Burford admitted defrauding more than 100 investors out of £1million and using some of the proceeds to buy his own home.
As sole director of Financial Trading Strategies Limited, 85-year-old Burford promoted a paid-for subscription service through its website to offer daily trade alerts with investment advice, and the opportunity to invest in three self-named 'tramline' funds.
He took money from over 100 investors and advised on and managed investments without Financial Conduct Authority (FCA) authorisation, making over £1million in the process, which he used to buy a property and fund his living expenses.
An FCA spokesperson said: “Burford repeatedly lied to investors about how much the funds were worth and hid the full extent of the losses he had incurred while trading.”
Burford admitted fraud by false representation between January 2020 and December 2023 when he appeared at Westminster Magistrates' Court in June.
He also pleaded guilty to carrying on a regulated activity when not authorised.
The defendant has a PhD in physics and worked for Nasa in its manned Mars exploration team based in Washington DC, before moving into finance, his biography on publisher Pan Macmillan's website says.
The FCA says it will also seek confiscation orders to return monies to investors.
Steve Smart, joint executive director of enforcement and market oversight at the FCA, said: "John Burford deliberately misled investors, stealing their money to fund his own lifestyle.
"We are asking anyone who believes they have been affected by this investment scam to contact us."