4 Oct, 2019 @ 22:17
1 min read

Unbelievable fraudster who squandered MILLIONS from footballers and retirees into dodgy pyramid scheme sentenced 10 YEARS later on Spain’s Costa del Sol but ‘some victims still like him’

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The fraudster is only known as ACJD

A MAN who defrauded at least 48 people out of their savings on the Costa del Sol has finally been sentenced some 10 years after committing the crime. 

Two of the victims have died waiting for justice after the fraudster, a well-known Fuengirola insurance agent known only as AJCD, scammed retirees, football players, businessmen and heirs out of millions.

He promised them high short-term returns while working for the reputable Groupama firm back in 2009.

However, instead of going into healthy investments, all of their money was plundered into a pyramid scheme.

Now 10 years later, the man responsible, whose identity is being kept secret, has been sentenced to six years for committing a crime of fraud and falsifying documents.

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He must also pay compensation to his 48 victims to the tune of just over €5.6 million, with an added 4.8% interest.

As he will be unlikely to cough up the cash, the company which took over Groupama, Plus Ultra, will likely be forced to pay out, according to lawyer Patricia Jimenez from Martinez Echevarria, which represented 24 of the victims.

Groupama has appealed the decision.

The ruling said A.J.C.D. orchestrated a pyramid scheme by taking advantage of the confidence he personally inspired in his clients and also the prestige of the Groupama brand, whose seal appeared on all the documents signed by the victims.

One victim described him as a  ‘true snake charmer,’ to the point that when the pyramid scheme began to collapse and interest payments failed, there were customers who came  to his office fuming and left ‘half an hour later, smiling and having taken out another policy.’

“The victims themselves continue to speak well of him; they do not consider him a bad person,” said lawyer Patricia Jimenez to Diario Sur.

“One of the victims, who unfortunately died, lent him €200 during the trial.”

ACJD was a success in his own right and was frequently taken on trips to exotic destinations such as Bali or the Bahamas with the directors of the insurer as a reward for his excellent results.

He treated his victims well, including one from Bilbao, who he put on a plane to Malaga before squandering €1.5 million of his savings.

DO YOU KNOW THIS MAN? Contact newsdesk@theolivepress.es to help us probe more

Laurence Dollimore

Laurence Dollimore is a Spanish-speaking, NCTJ-trained journalist with almost a decade’s worth of experience.
The London native has a BA in International Relations from the University of Leeds and and an MA in the same subject from Queen Mary University London.
He earned his gold star diploma in multimedia journalism at the prestigious News Associates in London in 2016, before immediately joining the Olive Press at their offices on the Costa del Sol.
After a five-year stint, Laurence returned to the UK to work as a senior reporter at the Mail Online, where he remained for two years before coming back to the Olive Press as Digital Editor in 2023.
He continues to work for the biggest newspapers in the UK, who hire him to investigate and report on stories in Spain.
These include the Daily Mail, Telegraph, Mail Online, Mail on Sunday and The Sun and Sun Online.
He has broken world exclusives on everything from the Madeleine McCann case to the anti-tourism movement in Tenerife.

GOT A STORY? Contact newsdesk@theolivepress.es or call +34 951 273 575 Twitter: @olivepress

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