A man has reportedly been arrested as part of the investigation into the betting syndicate started up by Alastair Campbell’s son.
An investigation has been ongoing into the former Labour strategist and journalist’s son Rory Campbell’s betting syndicate. The venture saw around 50 backers left without funds in December of last year, including Alastair himself. Some of the amounts lost are thought to be as high as £500,000 ($668,000).
Now, the police have arrested a man from North London, so far kept anonymous, has been arrested under suspicion of running a £5 million ($6.7 million) Ponzi-style pyramid scheme related to the betting venture. The police confirmed to the Sun that the charges include suspicion of fraud by false representation relating to a betting syndicate. He has been released on bail pending inquiries.
Uncovering the betting syndicate
The venture was started by 37-year-old Oxford graduate and football analyst Rory Campbell in 2017, offering a way to compete with bookies on football games across Europe, including on Premier League and La Liga matches. Around 80 wagers a week were placed by traders using mathematical modelling.
Early investors, including Campbell’s parents, were told they would get a percentage return on their investments by the summer, but to no avail. This sparked a group of investors to go to the police, bringing with them a package of documents including contracts, bank statements, spreadsheets, and emails stating that the fund was profitable.
One investor reportedly died of cancer while waiting to be repaid, while another started a separate £266,000 county court action but is understood to have settled for a lot less than that.
Gambling groups connected to criminal or fraudulent enterprises are no new thing, with an investigation from Mastercard pointing out that illegal gambling websites are more prevalent than ever. Just today, the UK and the US combined forces to take down an international crypto scam linked to a gambling group.
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