Scotland’s ‘Wolf of Wall Street’ Stole from Clients, Gambled Away Money
Posted on: February 27, 2023, 06:54h.
Last updated on: February 27, 2023, 11:36h.
He thought he was the Scottish version of Jordan Belfort, the “Wolf of Wall Street,” as he later became known. Matthew Farr didn’t take things as far as Belfort did, but he still faces prison for stealing clients’ money to finance gambling trips.
Farr has already spent time behind bars after scamming clients through a fraudulent solar panel business. Instead of turning the homes green, he used their money to gamble and live it up as a well-to-do entrepreneur.
He apparently didn’t learn his lesson from his earlier escapades. Farr reinvented himself, according to the Sunday Mail, as Matthew Scott, and picked up where he left off. This time around, he decided to target the car repair industry.
Wolf Caught in a Trap
In 2020, reborn as Scott, Farr set up Masco Detailing Limited, a car repair and maintenance company in England. He then started recruiting people to invest in his enterprise, and was able to convince others to put in at least £100,000 (US$119,580).
Instead of using the money to fund the startup, Scott, or Farr, was allegedly using it to fund his lifestyle through repeated fraud. In addition, just like with his solar panel business, he took money from clients but never did any work.
[He] was always out on his fancy motorbike and was always away on foreign holidays with his partner. He just sucked money out of people,” said one anonymous victim.
This reportedly includes exotic trips, gambling, and the purchase of expensive vehicles, all of which he flaunted on social media. The amount was likely much more than £100K, as at least one person reportedly invested £75,000 (US$89,685) on a promise of ridiculously high returns.
Another put in £20,000 (US$23,916), having fallen for the same line. Instead of offering returns, Farr only offered excuses, blaming the business environment, COVID-19, and even Facebook for the lack of cash flow. He was apparently living the good life at the same time.
Another investor, an unnamed former F1 mechanic for Lewis Hamilton and Mercedes, put in £10,000. The first dividends should have arrived six months later. But all the investor received were hollow excuses.
Farr moved the business from one location to another, ostensibly to try to gain a stronger foothold. However, some investors believe it was to try to throw them off his trail.
The first location Farr had was a house with a workshop. He eventually abandoned that space, owing the owner seven months of rent worth £20,000 (US$11,958). He reportedly owes another property an unspecified amount to cover a year’s rent he never paid.
Police Don’t Want to Intervene
The police apparently don’t want to become involved in the case, at least for now. They are reportedly not considering any criminal charges against Farr as the complaints pile up. In their estimation, investments are risky, and they argue that Farr hasn’t done anything wrong. The investors don’t see it that way.
However, according to Farr, he’s the real victim. While allegedly taking luxury vacations and gambling, he was fighting “tooth and nail” to make the company work, and claims to have lost more money than his investors. The truth of that statement will eventually come out following an exhaustive investigation.
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