Christopher Toynton, 73, is found guilty of nine counts of fraud in a 'Ponzi' betting scheme.
Christopher Toynton, 73, was convicted following a two-month trial at Lincoln Crown Court
Toynton, the ex-chairman of Spalding United, will be sentenced later alongside accountant Ross Gibson who pleaded guilty to three charges. Prosecutor Julian Jones likened the Lottery Syndicate Club to a Ponzi or Pyramid scheme where investors were paid out from new members joining the syndicate. He likened the trading scheme to a punt which overwhelmed him after becoming wildly successful, and said he carried out administration as there was no one else to do it.
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