Three men were accused of spending more than £500,000 of investors' money, but one was acquitted
Two brothers who encouraged vulnerable pensioners to invest in bogus firms have been convicted of fraud.
They were accused of luring eight elderly people to invest £558,000 in worthless companies with alleged links to Lord's Cricket Ground.
Exeter Crown Court heard investors' money was siphoned off and spent on cars, including a Range Rover and a Porsche Boxster.
A third man was cleared of all charges.
Lee Chapman, 49, of Merton, north Devon, was convicted of four counts of fraud, but acquitted of four other counts.
His brother Mark Chapman, 51, also of Merton, admitted fraud.
The court heard their firm, SPS, wrongly claimed to have contracts to sell Lord's branded whisky, gin and sun cream with major supermarket chains.
Mark Chapman sent a newsletter to investors boasting about international contracts and a prospectus promising a £6m turnover.
Marc Payne, 43, of Swimbridge, north Devon, was cleared of five counts of fraud.
The allegations relate to a period between January 2007 and August 2012.
Sentencing was adjourned for probation reports and the Chapman brothers were bailed.
- Published12 August 2015
- Published10 August 2015
