Yorkshire currency trader in alleged ‘£130m fraud’
Joe Lewis, who is reported to originally be from Hull, has been operating JL Trading and Joe Lewis Trading from Turkey for about 10 years. But the company website now just has a single sentence for visitors, which reads: “JL Trading is no longer trading for any further information please email customerservice@joelewis-trading.com”.
A series of emails, reported in the Sunday Telegraph, set out how investors were told that their money was gone.
In September, an email from Mr Lewis blamed problems with American regulators for the company not being “able to give an exact date when we can send monies out”.
Two months later, on November 14, he sent another email seeking to reassure his clients. He said: “We are going through a stressful time having our funds returned from our brokers; this has led to many doubts and concerns about the security of funds being held.
“So you can realise the extent of our business, our current values are: Due to clients, $197,000,000 in 893 accounts, worldwide. Due from Broker, $260,000,000 in 1 account, US.”
But the bombshell was dropped at the start of this month when he wrote to investors to tell them that JL Trading was ceasing trading.
“Contrary to the impression that I have hitherto given, the business has lost almost all of its assets, and there appears no prospect of those assets being recouped,” he wrote.
“JL Trading ceased foreign exchange trading in 2009 following substantial losses and since that time the business has suffered further losses, which I have tried to make good through investments in a number of commercial projects. However, it is now clear that the business will not be able to recover its losses and must cease trading. This means that, contrary to what was reported to you previously, you cannot expect any payments in the future.
“I can only apologise unreservedly for any losses or unfulfilled expectations of profit. I have tried to recover the position for a considerable period of time, but it is now clear that I will be unable to do so. I sincerely regret that I have not been able to do better on your behalf.”
In the final communication, on December 5, he sought to absolve responsibility from his staff, saying: “I have covered up my mistakes from everyone including my staff, no one else knew what was happening.”
He added: “You have been sent an update this week which was worded by my lawyers, but I wanted everyone to know, I am not running away from things.
“Whilst I regret some of the things I have done, I will do my best to remedy this situation.”
Mr Lewis is not linked to the renowned currency trader and owner of Tottenham Hotspur with whom he shares the same name. Earlier this year the company switched its website domain from joelewis-trading.com to jltrading.com, supposedly to prevent any confusion.
