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| Version 2 | Version 3 |
|---|---|
| Ex-royal officer accused of fraud | Ex-royal officer accused of fraud |
| (10 minutes later) | |
| A former royal protection officer and his wife financed a life of luxury by setting up a fraudulent investment scheme, a jury has been told. | A former royal protection officer and his wife financed a life of luxury by setting up a fraudulent investment scheme, a jury has been told. |
| Southwark Crown Court heard that throughout the alleged fraud Paul Page, 37, was based at Buckingham Palace attached to Royal Protection Command. | Southwark Crown Court heard that throughout the alleged fraud Paul Page, 37, was based at Buckingham Palace attached to Royal Protection Command. |
| Prosecutors said he spent years obtaining loans by deception from colleagues, friends and family. | Prosecutors said he spent years obtaining loans by deception from colleagues, friends and family. |
| Mr Page and his wife Laura, 42, from Essex, deny all the charges. | |
| Mr Page has pleaded not guilty to two counts of fraudulent trading, intimidation, threatening to take revenge and making a threat to kill. | |
| Mrs Page denies "being concerned in an arrangement facilitating dealings with criminal property", intimidation and making a threat to kill. | |
| The alleged fraud involved using the money for investing in property and promised "fantastic" but unrealistically high rates of interest. | The alleged fraud involved using the money for investing in property and promised "fantastic" but unrealistically high rates of interest. |
| Death threats | Death threats |
| The court heard the money was laundered by Mrs Page and then used for gambling and financing the expensive lifestyle of the two defendants. | The court heard the money was laundered by Mrs Page and then used for gambling and financing the expensive lifestyle of the two defendants. |
| This is a field in which an inexperienced, unskilful and unlucky punter can easily go bankrupt Douglas Day, QC | This is a field in which an inexperienced, unskilful and unlucky punter can easily go bankrupt Douglas Day, QC |
| Altogether, officers protecting the royals lost more than £250,000. | Altogether, officers protecting the royals lost more than £250,000. |
| When the pair suspected one of their victims, reported long-time friend Fahim Baree, was helping to uncover the truth they allegedly turned to death threats to derail an investigation. | When the pair suspected one of their victims, reported long-time friend Fahim Baree, was helping to uncover the truth they allegedly turned to death threats to derail an investigation. |
| The jury was told Mr Page supported the alleged scam by a "veneer of credibility" and had a "well-honed talent to deceive". | The jury was told Mr Page supported the alleged scam by a "veneer of credibility" and had a "well-honed talent to deceive". |
| He backed-up claims that he was a highly adept property developer and markets speculator with numerous expensive cars, the court heard. | He backed-up claims that he was a highly adept property developer and markets speculator with numerous expensive cars, the court heard. |
| 'Substantial losses' | 'Substantial losses' |
| Douglas Day, QC, prosecuting, said: "He developed a reputation for being good with money and for being knowledgeable about the stock market. | Douglas Day, QC, prosecuting, said: "He developed a reputation for being good with money and for being knowledgeable about the stock market. |
| "Among the royalty protection officers he ran what became known as 'the currency club' through which officers speculated through spread betting on the foreign exchange market. | "Among the royalty protection officers he ran what became known as 'the currency club' through which officers speculated through spread betting on the foreign exchange market. |
| "His success with money was on the face of it evidenced by the fact that as a police constable he was nevertheless able to have the use of expensive cars such as a Range Rover, Mercedes and Porsches. These cars were in fact hired by Mr Page." | "His success with money was on the face of it evidenced by the fact that as a police constable he was nevertheless able to have the use of expensive cars such as a Range Rover, Mercedes and Porsches. These cars were in fact hired by Mr Page." |
| Mr Day said spread-betting was Mr Page's "most significant sideline". | Mr Day said spread-betting was Mr Page's "most significant sideline". |
| He added: "This is a field in which an inexperienced, unskilful and unlucky punter can easily go bankrupt, but someone who is attuned to the ebb and flow of financial markets can make huge tax-free profits." | He added: "This is a field in which an inexperienced, unskilful and unlucky punter can easily go bankrupt, but someone who is attuned to the ebb and flow of financial markets can make huge tax-free profits." |
| But in fact Mr Page was suffering "substantial" losses and went through hundreds of thousands of pounds that belonged to other officers. | But in fact Mr Page was suffering "substantial" losses and went through hundreds of thousands of pounds that belonged to other officers. |
| The Royal Protection Command is a unit of the Metropolitan Police, known as SO14. | The Royal Protection Command is a unit of the Metropolitan Police, known as SO14. |
| The case is expected to last up to three months. | The case is expected to last up to three months. |