Three Ponzi scheme fraudsters who scammed investors out of almost £80 million and spent the money on cars, yachts and luxury houses have been told they will not be able to appeal against their sentences.
Spencer Steinberg, 46, Michael Strubel, 54, and Jolan Saunders, 40, were jailed in May 2016 after attracting investment by fraudulently claiming they had won a contract to supply electrical products to the Olympic Village ahead of the 2012 London Games.
The trio also said Saunders Electrical Wholesalers Limited (SEWL) supplied goods such as trouser presses and kettles to major hotel chains, but it turned out SEWL was high street electrical retailer in east London.
Saunders pleaded guilty to one count of conspiracy to defraud and to acting as a director of a company whilst disqualified, receiving a seven year sentence.
