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Ex-Man Utd boss 'conned of £7m' Ex-Man Utd boss 'conned of £7m'
(1 day later)
The former chairman and chief executive of Manchester United has told a court how more than £7m was stolen from him.The former chairman and chief executive of Manchester United has told a court how more than £7m was stolen from him.
Charles Edwards said Michael Brown posed as a bond dealer and aristocrat, and to begin with everything looked above board. Martin Edwards said Michael Brown posed as a bond dealer and aristocrat, and to begin with everything had seemed as though it was above board.
Mr Brown, who is alleged to have given some £2.3m of the money to the Liberal Democrats, is accused of nine charges, including fraud and money laundering.Mr Brown, who is alleged to have given some £2.3m of the money to the Liberal Democrats, is accused of nine charges, including fraud and money laundering.
He denies the charges and the trial has begun while he is on the run.He denies the charges and the trial has begun while he is on the run.
Mr Edwards, who made £100m selling his shares in the football club, told London's Southwark Crown Court he was initially reassured by the "little risk" and convincing-looking documents suggesting his money was earning handsome profits. He also said he was a lord and referred to certain political connections as well Charles Edwards Mr Edwards, who made £100m selling his shares in the football club, told London's Southwark Crown Court he was initially reassured by the "little risk" and convincing-looking documents suggesting his money was earning handsome profits. He also said he was a lord and referred to certain political connections as well Martin Edwards
But the prosecution claims that in reality his misplaced trust and cash helped finance a "life of luxury" for Glasgow-born Mr Brown, 42.But the prosecution claims that in reality his misplaced trust and cash helped finance a "life of luxury" for Glasgow-born Mr Brown, 42.
The Crown claims Mr Brown's "extravagance" and his multi-million pound donations to the Liberal Democrats were designed to create the illusion of a "highly successful businessman".The Crown claims Mr Brown's "extravagance" and his multi-million pound donations to the Liberal Democrats were designed to create the illusion of a "highly successful businessman".
IntroductionsIntroductions
Martin Edmunds QC, prosecuting, alleged the defendant finally sought to put "entirely inappropriate and criminal pressure" on Mr Edwards, and other multi-million pound investors who had trusted him with their money, "not to pursue complaints to police".Martin Edmunds QC, prosecuting, alleged the defendant finally sought to put "entirely inappropriate and criminal pressure" on Mr Edwards, and other multi-million pound investors who had trusted him with their money, "not to pursue complaints to police".
The barrister claimed emails sent to an investors' representative warned if they did complain "the drawbridge to any compensation would be well and truly shut forever".The barrister claimed emails sent to an investors' representative warned if they did complain "the drawbridge to any compensation would be well and truly shut forever".
Mr Edwards told the court his departure from the club and the sale of his "interests" in it left him a multi-millionaire with a need to invest his fortune.Mr Edwards told the court his departure from the club and the sale of his "interests" in it left him a multi-millionaire with a need to invest his fortune.
As he researched the best opportunities, he got to know investment company chief Boris Lopotan, who, in turn, introduced him to Mr Brown in early 2005. As he researched the best opportunities, he got to know investment company chief Boris Lopotan, who, in turn, introduced him to Mr Brown in early 2005.A warrant has been issued for Michael Brown after he went missing in July
During their meeting in the defendant's Mayfair apartment, he and his accountant listened as he explained his business.During their meeting in the defendant's Mayfair apartment, he and his accountant listened as he explained his business.
'No risk at all''No risk at all'
"He talked about his history, the type of clients he had and the type of investment he was dealing in. He said he was dealing in bonds but was a fairly conservative trader. He was quite happy to make just one trade a month and said... he only dealt in triple A rated bonds which had practically no risk at all."He talked about his history, the type of clients he had and the type of investment he was dealing in. He said he was dealing in bonds but was a fairly conservative trader. He was quite happy to make just one trade a month and said... he only dealt in triple A rated bonds which had practically no risk at all.
"I think I came away with the impression of 36 to 50% profits a year, which was quite high."I think I came away with the impression of 36 to 50% profits a year, which was quite high.
"He also said he was a lord and referred to certain political connections as well.""He also said he was a lord and referred to certain political connections as well."
Mr Edwards said an "irrevocable banking instrument" suggested any investment he made would be placed in an HSBC account and kept there in complete safely while being used to fund bond trading.Mr Edwards said an "irrevocable banking instrument" suggested any investment he made would be placed in an HSBC account and kept there in complete safely while being used to fund bond trading.
It provided the "insurance" he wanted, and it was against that background he signed an agreement to invest an initial $US10m (£6m).It provided the "insurance" he wanted, and it was against that background he signed an agreement to invest an initial $US10m (£6m).
ArrestedArrested
"Mr Brown would ring me now and again... to announce a successful trade and tell me the profits made," he said."Mr Brown would ring me now and again... to announce a successful trade and tell me the profits made," he said.
But Mr Lopotan later contacted him to say he was worried some of the trades Mr Brown had made had not filtered through.But Mr Lopotan later contacted him to say he was worried some of the trades Mr Brown had made had not filtered through.
As the weeks passed it became apparent all the money he had handed over was at risk and Mr Edwards told the court he was "advised all the way along that if I involved the police there was no hope of any negotiation with Mr Brown".As the weeks passed it became apparent all the money he had handed over was at risk and Mr Edwards told the court he was "advised all the way along that if I involved the police there was no hope of any negotiation with Mr Brown".
After the police did finally get involved he ended up being arrested. Fortunately, police realised he was actually the victim.After the police did finally get involved he ended up being arrested. Fortunately, police realised he was actually the victim.
"I explained to them how I became involved and told them what happened," he said."I explained to them how I became involved and told them what happened," he said.
The trial continues.The trial continues.