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Read Full BioA man has been arrested in North London in an investigation related to a betting syndicate run by former UK spin doctor Alastair Campbell‘s son, Rory Campbell.
Police confirmed an individual was arrested on suspicion of fraud by false representation. For legal reasons, he cannot be named, and he has been released on bail pending further investigation.
The Times reports the man was arrested in Camden, where the company founded by Rory Campbell lists its office. His father became famous while working as a political advisor to Tony Blair during the former Labour leader’s reign as Prime Minister.
Syndicate Promised High Returns on Advanced Model Bets
Rory Campbell founded the betting syndicate, C&N Sporting Risk, in 2017. The venture claimed to use advanced mathematical models to place bets on soccer matches, offering an average annual return of 8.5%.
The syndicate placed up to 80 bets a week, particularly on top European soccer leagues. At least 50 investors contributed sums ranging from £10,000 to £500,000. Campbell’s family also backed the operation, with his parents reportedly investing £288,000.
Charity GamCare reports that gambling debts have been on the rise in the UK, with the number of people seeking help for financial problems this year already higher than the whole of last year.
Accusations of Ponzi Scheme
Investors began to raise questions, and accusations emerged that the syndicate was a Ponzi scheme, with initial investors receiving returns from new backers.
Funds began to dry up in 2023. Rory Campbell informed investors that unpaid debts from Asian bookmakers were to blame, asserting there was “no hole” in the fund and promising full repayment by mid-2024. However, this timeline shifted, and Campbell later stated that investors could expect to recover only 50-65 percent of their funds. The scheme collapsed in December 2024.
Alastair Campbell and his partner, Fiona Millar, reportedly stepped in to cover £454,000 of the debts, but this was insufficient to repay all the investors.
Investors Reported Campbell Earlier This Year
In January this year, a group of investors reported Campbell to the Serious Fraud Office (SFO), urging an investigation into the scheme. A dossier compiled by about 20 investors has been handed to the police. The Sun reported that the documents include contracts, bank statements, spreadsheets, and emails stating that the fund was profitable.
Campbell previously reached an out-of-court settlement with an investor who filed a lawsuit against him in the Central London County Court to recover £266,000. It is believed the investor settled for a reduced amount.
Fraud by false representation carries a maximum penalty of 10 years in prison in the UK and/or an unlimited fine. Recently in China, a man was jailed for 10 years and 11 months after running a Ponzi scheme to fund his gambling habit.
