Spanish Ponzi Victims to Recover Millions From UK Gambling Operators

Victims of an alleged €15 million (US$17 million) investment fraud in Spain are set to recover more than a third of their recognized losses from money surrendered by UK gambling operators.

Approximately 200 people who entrusted funds to accused fraudster Iban Juvanteny Gómez will initially receive around 38% of the sums accepted by the court. According to Catalan news outlet APD, a Girona court has now authorized the first distribution from the recovered fund.

Almost €6 million (US$7 million) was transferred to Spanish judicial authorities in 2021 after British regulators scrutinized gambling companies through which Juvanteny is alleged to have wagered millions.

Fake Broker Allegations

Juvanteny, who is yet to stand trial, is accused of posing as an experienced financial professional and operating a Ponzi-style investment scheme between 2012 and 2019.

According to prosecutors, Juvanteny falsely presented himself as a Barclays broker and promised high returns to friends, relatives, and other contacts in his hometown of Girona in Spain’s Catalonia region.

Police allege that the scheme ultimately involved more than 200 people and approximately €15 million.

Juvanteny allegedly used money from later clients to make interest payments to earlier investors, creating the illusion that the venture was producing genuine profits.

The scheme began to unravel in 2019 as complaints reached the Mossos d’Esquadra, Catalonia’s regional police force. Juvanteny surrendered in April of that year.

No trial date has been fixed, and unresolved procedural matters could delay proceedings until 2028.

Millions Gambled in Britain

Police discovered that Juvanteny had spent substantial sums through UK online casinos and sportsbooks. A joint investigation involving Mossos, Europol, and West Yorkshire Police established that he had gambled several million pounds in the UK.

This sparked a UK Gambling Commission (UKGC) probe into multiple operators for possible regulatory breaches connected to Juvanteny’s activities.

After more than two years of cross-border cooperation, West Yorkshire Police transferred more than €6 million to judicial authorities in Girona in late April 2021. The money was reserved for potential repayment to victims if authorized by the Spanish courts.

APD reported the recovered money stemmed from sanctions imposed on gambling businesses following failures in anti-money laundering controls. The gambling operators have not been publicly identified.

A 2021 UK parliamentary response said the UKGC had required Betway, Gamesys, Platinum Gaming, and Betfred operator Petfre to pay compensation where stolen money had been gambled. Together, those payments exceeded £6.2 million.

However, the parliamentary response did not identify the underlying crimes or indicate that any of those cases related to Juvanteny’s alleged scheme.

The remaining losses have not been recovered.