A Spalding man who is on trial for fraud for his alleged involvement with a trading scheme was today (Tuesday) cleared of three charges.
Christopher Toynton, 73, still faces ten charges of fraud relating to his alleged involvement with the Spalding based Lottery Syndicate Club.
Jurors at Lincoln Crown Court heard Mr Toynton had chosen not to give evidence during the trial and his defence team called no further evidence.
The trial will continue with closing speeches from the prosecution and defence barristers.
At the end of the prosecution case Judge Catarina Sjolin Knight directed the jury to find Mr Toynton not guilty of one offence of contravening a general prohibition on carrying out a regulated activity.
Judge Sjolin Knight told the jury she had reviewed the nature of the charge and ruled there was insufficient evidence to convict Mr Toynton on that offence.
The jury were also directed to find Mr Toynton not guilty of two further charges of fraud by false representation after the prosecution offered no evidence on those charges.
Mr Toynton, of Horseshoe Road, Spalding, still denies five charges of fraud by false representation and five charges of fraud by abuse of a position of trust.
The jury heard how funds of £3.9 million were invested by members in the Spalding based Lottery Syndicate Club Ltd.
It is alleged Mr Toynton was the organiser of the Lottery Syndicate Trading Club.
Spread betting trader Ross Gibson, 27, has pleaded guilty to his role.
Police became involved after funds in one of Mr Gibson’s accounts were frozen by his bank, the jury heard.
Julian Jones, prosecuting, has likened the Lottery Syndicate Club to a Ponzi or Pyramid scheme where investors were paid out from new members joining the syndicate.
During his police interviews Mr Toynton denied he was running a business or acting dishonestly, and said he believed everything Mr Gibson was telling him.
Mr Toynton said he likened the trading scheme to a punt which overwhelmed him after becoming wildly successful, and said he carried out administration as there was no one else to do it.
Gibson, 27, of Eve Lane, Upper Gornal, Dudley, has already pleaded guilty to three offences on dates between 1 November 2017 and 31 March 2019.
He will be sentenced at the conclusion of the current trial after he admitted two charges of fraud and one offence of contravention of the general prohibition on carrying out a regulated activity.
The trial continues
