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Man, 35, is charged over £7.5m deception

By Essex Chronicle  |  Posted: May 17, 2012

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A MAN accused of tricking hundreds of Chelmsford residents out of £7.5 million has been charged with 15 counts of obtaining money by deception, 21 counts of fraud and one count of theft.

David Bowerman, 35, was arrested in August 2010 after allegedly setting up a Ponzi scheme which is said to have seen more than 200 Chelmsford City fans entrust him with their life savings.

Peter Stroud, the former chairman of Chelmsford City FC, claims to have lost more than £1.5 million.

The father-of-four said: "When I found out he had been charged I didn't really feel anything. I refuse to let my life be ruined.

"I've built up another business through sheer hard work and I'm trying to move on."

Ponzi schemes are named after Charles Ponzi who scammed Americans out of millions of dollars during the 1920s.

A spokesman for Essex police said: "The allegations relate to a period between 2005 and 2010 during which time 250 people became victims."

Bowerman, a former financial adviser, has been released on bail and will appear at Chelmsford Magistrates Court next month.

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