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Trader goes missing after 130m of clients' cash disappearsPolice are investigating an alleged fraud over claims almost $200m hasvanished from an investment company run by a 59-year-old Yorkshireman.

A currency trader has vanished along with 130 million in investors cash in an allegedfraud that could be one of the biggest in recent British history.Joe Lewis, 59, is being investigated by police over almost $200 million which he claimedwas in clients accounts but now no longer exists. It is rumoured that professionalfootballers and golfers have lost money in his investment scheme.In an email sent to clients a fortnight ago, Mr Lewis admitted that his company, JL Trading,had stopped operating in 2009 after suffering heavy losses on disastrous foreign exchangedeals.He confessed in the email that he had continued taking peoples money for the next fiveyears in an attempt to turn his fortunes around, but that all those attempts had failed.In an email sent a month earlier in response to growing concern from investors trying to

get their money out he claimed that his company was having a stressful time releasing$197 million (126 million) from American brokers because of US red tape.Whatever the truth, the reality for investors many of them British is that they have eachlost a small fortune. Police have taken statements from a number of victims and begun aninvestigation into Mr Lewis.A civil action to freeze his accounts and seize any assets has also been started. Thebusinessman, who traded from a smart residential address in Istanbul with views over theBosporus, is understood to have left Turkey some weeks ago. His adult son said he had noidea where his father was. One report suggested he had briefly visited relations near Hulland may now be in the Far East.In the email sent on Dec 3, Mr Lewis wrote: Dear investor, I am writing to inform you that

JL Trading is ceasing to carry on business. Contrary to the impression that I have hithertogiven, the business has lost almost all of its assets, and there appears no prospect of thoseassets being recouped.

JL Trading ceased foreign exchange trading in 2009 following substantial losses and sincethat time the business has suffered further losses, which I have tried to make good throughinvestments in a number of commercial projects. However, it is now clear that the businesswill not be able to recover its losses and must cease trading. This means that, contrary towhat 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 havetried 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.Mr Lewis, a father of two, started his company about a decade ago, employing at its peakabout 30 staff over two storeys of the residential block. He lived in a penthouse apartmentwith his Turkish wife.Investors had been attracted through word of mouth with the promise of monthly returnson his currency trades of between one and three per cent. They were also enticed throughgolf days in exotic locations such as Thailand.Since about 2011, only investors with a minimum of $25,000 (16,000) could join his

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investment club. One client had invested about 500,000 in the past 12 months and isunlikely to get his money back; another is said to have put in 1.2 million.Don Wall, 77, a retired businessman from Cambridgeshire, is owed about 100,000 by JLTrading. These are my life savings, he said, This money was supposed to be savings formy children and grandchildren. I have never met the bloke and I dont think I have ever

spoken to him.His son-in-law and daughter, who live abroad, also invested, as did a family friend. Mr Wallsigned up in 2009 with an original investment of 10,000. He was able to withdraw about7,000 and encouraged by the decent rates of return the Bank of England interest rate hadfallen to 0.5 per cent he invested a further 100,000. Problems began in September lastyear.I was asking could I draw some money out, recalled Mr Wall, And they started giving meexcuses why they couldnt do it. Then the first of a series of emailbombshells dropped.On Sept 10 this year, Mr Lewis sent an email to clients that explained that he was not ableto give an exact date when we can send monies out due to ongoing problems withAmerican regulators. Lawyers, he said, were working on it and they have everything in

hand.On Nov 14, Mr Lewis sent another email. We are going through a stressful time having ourfunds returned from our brokers; this has led to many doubts and concerns about thesecurity of funds being held, he wrote.His business was being wound up, but investors would all get their money back, he said. Soyou 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,he wrote, adding: As we are no longer trading, these amounts should not change.Then came the email of Dec 3, in which he admitted he had not traded currency for fiveyears.Two days later, Mr Lewis sent out another email the last anyone has received changing

his story again and in which he blamed the previous email on his legal team. You have beensent an update this week which was worded by my lawyers, but I wanted everyone toknow, I am not running away from things, he wrote, Whilst I regret some of the things Ihave done, I will do my best to remedy this situation.Please note, I have covered up my mistakes from everyone including my staff, no one elseknew what was happening.Investors are not sure what to believe. Mr Wall has given a statement to CambridgeshirePolice.Mark Bavin, who introduced Mr Wall and others to the scheme and who helped to organiseJL Tradings golf days, has reported Mr Lewis to the authorities.Mr Bavin, who also invested heavily and has lost his money, said: I am sure this is a

massive fraud; almost certainly its a pyramid scheme. I have reported it to the fraud squad.We have all put money in and he has run off with all our money and that is as much as weknow. I am owed significant sums.Neil Rodrigues, a British engineer working in the oil industry, invested 26,000 in 2013,four years after Mr Lewis has admitted his company stopped operating. Mr Rodrigues said:Most of my colleagues with spare cash invested in JL Trading. We have never got anymoney back.One investment broker, who did not wish to be named, said he had 25 clients involved who

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had invested a total of 3.2 million and not had a penny back. The broker had begun legalproceedings to have Mr Lewiss accounts and assets frozen worldwide. On Facebook and onother internet sites, alleged victims have been urged to join the class action.Mr Lewis was unavailable for comment last week. He failed to answer emails and phonecalls, and at his Istanbul apartment a doorman said he had not been seen for a few weeks.

Mr Lewiss son James said: He [Joe Lewis] didnt live extravagantly. I dont know where themoneys gone. I am happy to share information with the legal entities.Everything he had is ruined. There are no assets at all that I am aware of.