December 22 2013 Latest news:
by Tim Lamden
Wednesday, September 11, 2013
Home secretary Theresa May is set to decide whether a fraudster from East Finchley will be extradited to the USA over a multi-million pound hedge fund scam.
Marc Duchesne, 52, is wanted by US authorities for his part in setting up a bogus hedge fund which helped him pocket £12million from at least 50 unwitting victims after promising them high returns on their money.
Duchesne, formerly of Elmshurst Crescent, appeared at Westminster Magistrates Court last Thursday for an extradition hearing.
He was told by a judge that a decision would be made by home secretary Mrs May.
A Home Office spokeswoman added that the decision would be made in “due course” and that he had a right to appeal any decision.
Duchesne was jailed for four-and-a-half years in 2009 but absconded from an open prison after serving just six months.
He was captured and re-arrested last year and has been battling extradition to the US ever since.
Duchesne had admitted a series of fraud charges, including conspiracy to defraud and conspiracy to obtain money by deception, before being jailed in 2009.
The fraudster and accomplices had set up bogus hedge fund Benchmark Asset Management (BAM) to trick wealthy UK and European investors to part with their cash while promising massive returns.
Duchesne spent the proceeds of his crime on a fleet of cars, including a Ferrari Enzo, a Rolls Royce Phantom, a Bentley Arnage and several Hummers.
He also bought a speedboat for a friend, spent £60,000 on cosmetic dentistry and his cigar bill alone was more than £22,000.
He was remanded in custody awaiting Mrs May’s decision.