![\"\\u200bHull](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2026\/02\/u200bhull-crown-court.jpg\")
<\/p>\nA fraudster has admitted to conning more than 600 innocent victims out of \u00a39million to fund his luxury lifestyle.<\/p>\n
Declan Nowell, 31, of The Dell, Scunthorpe, ran a fraudulent company called Investing4You – which he used to scam hundreds of people.<\/p>\n
He used the stolen funds to purchase a McLaren sports car, a house, and designer clothing.<\/p>\n
Humberside Police’s Economic Crime Unit launched an investigation into Nowell in 2021.<\/p>\n
The probe began after multiple reports emerged of customers being unable to access money held in their investment accounts.<\/p>\n
Nowell appeared at Hull Crown Court on Friday, and pleaded guilty on the first day of his trial to two counts of fraud by abuse of position.<\/p>\n
Nowell ran what detectives described as a Ponzi scheme, using money from new investors to pay returns to existing customers.<\/p>\n
Detective Constable Paul Twidale said: “Nowell enticed over 600 customers to invest with him, claiming lucrative returns could be generated through investing with his company which ‘traded foreign currencies online’, ultimately this was found out to be a lie.”<\/p>\n
DC Twidale added: “He, in-fact, only ever deposited a tiny fraction of the \u00a39million he was given by customers to a trading platform, and evidence we gathered suggests that trades with these small sums of money resulted in losses, not gains.”<\/p>\n
The investigation took four years to complete.<\/p>\n
Nowell appeared at Hull Crown Court (pictured) on Friday, and pleaded guilty on the first day of his trial to two counts of fraud by abuse of position<\/p>\n
| PA<\/p>\n
DC Twidale said: “This has been an extensive and highly complex investigation spanning over the past four years.”<\/p>\n
He added: “Over this time, we have worked diligently to meticulously build a case that has ultimately compelled Nowell to admit his guilt.”<\/p>\n
The 31-year-old’s company was never properly licensed or accredited, with police blasting how it was ” ever intended to be lawful”.<\/p>\n
“When concerned customers enquired about Nowell’s professional accreditation, he repeatedly claimed it was ‘pending’.<\/p>\n
FRAUDSTERS FACE JUSTICE – READ MORE:<\/p>\n
By operating without essential regulatory approval, he was committing a crime from day one of operation,” DC Twidale said.<\/p>\n
He described the operation as “a sophisticated fraud from its inception that unravelled as the scheme grew.”<\/p>\n
Nowell was initially charged with 14 fraud-related offences.<\/p>\n
He admitted to operating without a licence while claiming he had turned investors’ money into a \u00a328million fortune through online foreign exchange trading.<\/p>\n
The remaining charges will stay on file due to the sentences carried by his guilty pleas.<\/p>\n
Nowell has been released on bail ahead of sentencing at Hull Crown Court on March 13.<\/p>\n
DC Twidale said: “I hope this outcome will offer some solace to the hundreds of victims who have been harmed financially and psychologically by Nowell.”<\/p>\n
A Proceeds of Crime probe led by the Yorkshire and Humber Regional Organised Crime Unit continues.<\/p>\n","protected":false},"excerpt":{"rendered":"A fraudster has admitted to conning more than 600 innocent victims out of \u00a39million to fund his luxury…\n","protected":false},"author":2,"featured_media":428818,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[35884,924,55699,59,57,58,50,2331,56,54,55],"class_list":{"0":"post-428817","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-united-kingdom","8":"tag-across-the-uk","9":"tag-crime","10":"tag-east-of-england","11":"tag-gb","12":"tag-great-britain","13":"tag-greatbritain","14":"tag-news","15":"tag-sgg","16":"tag-uk","17":"tag-united-kingdom","18":"tag-unitedkingdom"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/428817","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/comments?post=428817"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/posts\/428817\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media\/428818"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/media?parent=428817"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/categories?post=428817"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/uk\/wp-json\/wp\/v2\/tags?post=428817"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}