A foreign exchange trader has appeared at court to face 55 counts of fraud amounting to more than £7.2 million.
Simon Grinter was arrested on June 6 this year following an inquiry by Plymouth officers from the Financial Investigation Unit. Officers carried out searches of two properties as part of their investigation, one at an address near Yealmpton and another in South Hams.
He was charged in early September and was summonsed to appear at Plymouth Magistrates' Court yesterday.
Grinter, aged 55, of Butts Park, Newton Ferrers, did not enter a plea and the case has been adjourned until December 21 for a committal hearing for which Grinter will again be summonsed.
The court heard how Grinter is alleged to have abused his position as a foreign exchange trader and used investors' money in a spread betting scheme.
Between March 2008 and June 2012 he is alleged to have lost large sums of money.
The alleged victims come from across the country, as well as Plymouth, and have been at risk of losing individual sums ranging from £5,000 to £1,129,066.
Grinter faces charges which accuse him of putting his investors at risk of losing a total of £7,202,245.