Home Breadcrumb caret Industry News Breadcrumb caret Industry Trader guilty in $21.8 million Ponzi scheme A former GFX Capital director in London has pleaded guilty to running a U.S. $21.8 million Ponzi scheme. By Wire services | January 12, 2011 | Last updated on January 12, 2011 1 min read A former GFX Capital director in London has pleaded guilty to running a U.S. $21.8 million Ponzi scheme. Arrested in February 2009, Terry Freeman, 61, admitted to defrauding investors of U.S. $21.8 million and conducting fraudulent trading. Instead of investing his clients’ money in foreign exchange markets, he bought lavish homes in Cyprus, France and gifts – such as a U.S. $187,000 diamond ring for his wife. Freeman will be face sentencing next month. Wire services Save Stroke 1 Print Group 8 Share LI logo