'It seemed too good to be true'

Evening Standard13 April 2012

It was a scheme that on the face of it seemed too good to be true, admits retired businessman James Sweeney.

But, after meeting Michael Clark, he remortgaged his house in Herne Hill for £176,000 and ploughed it into the scam.

He said: "Every day I have to deal with the stress of what has happened to me. I live every day minute by minute."

Mr Sweeney, 67, was introduced to Clark three years ago by Allan Butt, who he had met at a business seminar. "We went to dinner and had some drinks," said Mr Sweeney.

"There was impressive paperwork. He seemed to be very knowledgeable and charming."

Mr Sweeney, who ran a precision engineering business, said he received payments until the day the DTI caught Clark attempting to spirit the cash to Switzerland.

"When I found out what happened I was absolutely devastated. I felt sick."

He was diagnosed with throat cancer soon afterwards. He can now only keep his house by getting further into debt to pay the mortgage.

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