Investors tell court of cash lost to Shropshire fraudsters
Several investors in animated film companies run by two alleged Shropshire fraudsters had todig into their savings or take out loans to pay monies owed to banks, a court has heard.
Dozens of investors had agreed to back loans and overdrafts linked to film projects operated by defendants, David Griffiths and Simon Drew.
Among them were three businessmen, who along with several colleagues, lost about £190,000 when a series of guarantees had to be called in by the banks.
Griffiths, 50, of New Road, Oreton, near Cleobury Mortimer, and 49-year-old Drew, formerly of Larches Lane, Oreton, and now living in Rye, West Sussex, are alleged to have been involved in a £14 million fraud.
Both deny 16 charges of fraud by false representation and 18 allegations of deception, involving the obtaining of monies, cheques and financial guarantees between 2004 and 2009. A jury at Birmingham Crown Court has heard that monies went through Bewdley-based Inspire GLG Ltd.
At court yesterday, Niall Hall, of Ledbury, said he had guaranteed £45,800 as part of a syndicate . He said Edgar Films, a limited liability partnership based in Northamptonshire, was set up in 2007 by a number of people and it "seemed like a good investment".
However, by 2009 the HSBC bank wanted the money and Mr Hall said he had to use savings and borrow money to pay the bank.
Another member of the syndicate was chartered surveyor Robin Ungemuth, of Northampton, who guaranteed almost £69,000, and later placed a personal cash investment of £25,000.
Mr Ungemuth said that in early 2009 he heard that Inspire GLG Ltd had gone into administration and all the money was lost.
The trial continues.
