An 85-year-old former Nasa scientist has admitted defrauding investors and using some of the proceeds to buy a house.
John Burford generated more than £1 million from 100 investors through his illegal practices, but only £760,000 was ever traded, much of which was lost.
Substantial amounts of the money investors sent him were used to buy his own home, a court heard.
Burford appeared at Westminster magistrates’ court on Friday. He admitted fraud by false representation and carrying on a regulated activity when not authorised between January 2020 and December 2023.
He has a PhD in physics from the University of Toronto and worked for Nasa in its manned Mars exploration team based in Washington DC, before moving into finance, his biography on the publisher Pan Macmillan’s website says.
Tom Godfrey, prosecuting, told the court Burford set up a scheme that sent subscribers daily email alerts with investment opportunities.
Mr Godfrey said he traded £760,000 of the money generated, but “lost significant sums”.
“He used substantial amounts of the money received to buy his own home,” he added.
The former scientist, who now lives in Mansfield, Nottinghamshire, was the sole director of Financial Trading Strategies Ltd but was not authorised to trade in the UK, the court heard.
Carrying out unauthorised business is an offence punishable by a fine and/or up to two years’ imprisonment.
Burford, who has no previous convictions, will be sentenced at Southwark Crown Court at a later date.
