Russell King (fraudster)

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Russell King
Born Age 52
Criminal charge
Fraud

Russell King is a convicted fraudster. He headed negotiations and acted as consultant for the doomed purchase of Notts County Football Club by Munto Finance, a subsidiary of Qadbak Investments.[1]

Background[edit]

King is 52 years old,[2] and is a former resident of Jersey.[3]

Insurance fraud[edit]

In 1991, King was sentenced to two years in prison for insurance fraud after trying to claim £600,000 for his Aston Martin after claiming it had been stolen. It was discovered that he had hidden it in his garage.[2]

Notts County F.C. purchase[edit]

King acted as head negotiator and consultant for the purchase of Notts County Football Club to Munto Finance, a subsidiary of Qadbak Investments,[1] making the false claim that he was a manager of billions of US dollars of the Bahraini royal family's money.[4][5][6]

Although claiming to have had no legal involvement in the scheme, King was able to negotiate the sale of the football club for 1 pound. He also recruited former England football manager Sven-Göran Eriksson to join promising him a large sum if he also worked for Swiss Commodity Holding (SCH). King claimed the mining company had raw material assets worth $1.97 trillion (£1.27 trillion).[2] He used the nickname of L. Voldemort, after the Harry Potter character Lord Voldemort, and then he told many times that he couldn't be involved because his name, Russell King, didn't appear in any documents.[7]

The club was sold five months after the purchase with debts of £7 million.[2]

North Korea[edit]

King, representing Swiss Commodity Holding (SCH), visited North Korean Chairman Kim Yong-nam of the Supreme People's Assembly in Pyongyang. Sven-Göran Eriksson joined King on the trip. The purpose of the visit was to persuade the government to hand over gold mining rights in exchange for billions of US dollars allegedly from Bahraini investors.[2]

Sauber[edit]

Sauber, seeking a new investor encountered Qadbak Investments. The deal collapsed as it was revealed that King was behind the company.[8]

Current status[edit]

Jersey-based company Close Finance is seeking repayment of £2m loans. This has resulted in a freeze of his assets up to that amount.

He is currently being sought by the British police, the Serious Fraud Office, the Financial Services Authority, and Nottinghamshire Police[1]

Although denying any fraud, King remains a fugitive. He is currently living in Bahrain but is barred by Bahraini officials from leaving the country.[2][9]

List of organizations associated with King[edit]

This is a list of organizations that were allegedly either victim of, or controlled by, King.

  • Notts County F.C. - Football club purchased by Munto Finance.
  • First London plc. - On the pretense of managing billions of dollars on behalf of the Bahraini royal family, King gained a 49% interest in this firm. This company went into administration (a form of bankruptcy) with debts of 8 million pounds.
  • First London Group plc. - Parent company of First London plc. that suffered "significant financial damage" from Russell King
  • Swiss Commodity Holding (SCH) - Now renamed Coremin[10]
  • Qadbak Investments - Parent company of Munto Finance.
  • Belgravia Group - Collapsed financial services firm. King is currently under investigation by the Serious Fraud Office[11] of the Jersey Financial Services Commission in connection with his role in its collapse. The firm once tried to buy Newcastle United.[10][10] The firm was about to be acquired by First London, but the Jersey authorities blocked the deal.[12]
  • Munto Finance - A subsidiary of Qadbak Investments, this company is registered in the British Virgin Islands, claimed to be Middle Eastern, purchased the Notts County F.C.[13]

See also[edit]

References[edit]

External links[edit]