A self-styled “lord” who was jailed for running a “ponzi” investment scheme, which duped the rich and famous out of their savings, has been ordered to repay nearly £14 million under the Proceeds of Crime Act – or return to jail.
The Daily Mail reports that 48-year-old Edward Davenport – born Edward Ormus Sharington Davenport and known as “Fast Eddie” – called himself “Lord Edward Davenport” and became known for hosting parties for wellknown public figures and celebrities at his central London property.
He claimed he had acquired an £100m property portfolio, with property in Monaco, Thailand and the UK.
He was jailed for seven-and-a-half years in 2011 after being convicted of fraud involving start-up loan schemes. The court heard he had simply “pocketed” millions of pounds paid to him in administration fees and investments by unsuspecting clients. Many of those who invested lost thousands of pounds – dress designer Elizabeth Emmanuel lost all her savings in the scheme.
Davenport was released on licence this year because of a serious medical condition.
A judge at Southwark Crown Court in London has now ruled he must repay £13.9m under the Proceeds of Crime Act – or return to jail for a further 10 years.
A confiscation order for the full repayment amount of £12m was enforced by the court. The total sum of £13.9m includes £1,943,620 in compensation. It is unlikely any of Davenport’s victims will ever see any of their investment monies returned, however.
Davenport will now have to sell his remaining asset – his mansion in central London – to repay the money. If he is ordered to pay prosecution and defence costs, he could end up having to pay out £15,855,273.
He was not in court on Thursday (17/07/14) to hear Judge Peter Testar’s ruling.
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