Scunthorpe fraudster jailed after taking £9m from local residents
Police started an investigation in 2021
Last updated 4 hours ago
A man, who defrauded more than 600 people of approximately £9 million across the communities of North Lincolnshire, using their money to buy a house and luxury cars has today (Friday, 29 May) been sentenced to eight years and one month in prison and has received a ten-year disqualification from holding a director position at any company.
Declan Nowell, 31, from Scunthorpe, was initially charged with 14 fraud related offences and admitted to operating without a licence; after claiming he had turned the communities hard earned money into a £28 million fortune through trading it on online foreign exchange platforms.
Appearing at Hull Crown Court on Friday, 13 February 2026, he pleaded guilty on the first day of trial to two counts of fraud by abuse of position and due to the sentence carried by these offences, the further charges will remain on file.
Nowell was released on bail, awaiting sentencing on Friday, 29 May at Hull Crown Court.
In 2021, detectives from our Economic Crime Unit commenced an investigation into Nowell and his company ‘Investing4You’ after we received several reports from members of the public being unable to withdraw funds held in investment accounts with the company.
Leading the investigation, Detective Constable Paul Twidale, from the Economic Crime Unit said: “This has been an extensive and highly complex investigation spanning over the past four years.
“Over this time, we have worked diligently to meticulously build a case that has ultimately compelled Nowell to admit his guilt today.
“Nowell orchestrated a fraudulent operation known as a ‘Ponzi scheme’ where he used funds from new investors, mainly members of the public, to pay back existing customers. This created the false illusion of financial success whilst, in reality, he was diverting over £1 million to fund his extravagant lifestyle including purchase of a McLaren, new house and designer clothing.
“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.
“He, in fact, only ever deposited a tiny fraction of the nine million pounds 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.”
“It came to light that his investment company was not accredited and operating illegally. Not only through operating without licence but also through manipulating the figures displayed in investors accounts.
“Throughout this investigation, Nowell maintained a ridiculous and inconceivable stance that somewhere £28 million was sitting in a mystery pot that would prove his enterprise was legitimate and enable all investors to be paid back completely.
“Nowell’s actions were reckless; he made a calculated decision to repeatedly mislead his clients. Despite having numerous opportunities to halt the illegal operation, he chose to continue the deception, all driven by personal greed.
“The enterprise was never intended to be lawful. When concerned customers enquired about Nowell’s professional accreditation, he repeatedly claimed it was ‘pending’. By operating without essential regulatory approval, he was committing a crime from day one of operation.
“I hope this outcome will offer some solace to the hundreds of victims who have been harmed financially and psychologically by Nowell, and I will eagerly wait for his sentence where he will hopefully contemplate his actions behind bars for a long time.
“This was not a legitimate company that simply failed, it was a sophisticated fraud from its inception that unravelled as the scheme grew.
“This investigation has spanned over several years and I would like to thank all the teams who work behind the scenes to enable us to get to the point we have today, particularly my retired colleague who laid the foundation for this investigation and the Crown Prosecution Service for their commitment to this lengthy investigation.
“I would also like to take this opportunity to remind the public about investment fraud. Ponzi schemes operate in a ‘robbing Peter to pay Paul’ manner, using new customer cash to supplement returns to existing customers.
“Before investing please check the Financial Conduct Authority register to see if the firm you are dealing with is authorised, alongside checking their warning list of firms to avoid, you can also check if an investment opportunity is a scam through taking the FCA’s ScamSmart test which can be found online.”
A Proceeds of Crime (POCA) investigation remains ongoing in relation to Nowell’s offences, led by colleagues in the Yorkshire and Humber Regional Organised Crime Unit.
If you have been the victim of investment fraud or any other fraud, you can report this on 101, or alternatively report fraud online at: https://www.reportfraud.police.uk/