Investment fraud conviction for 85-year-old ex-NASA scientist John Burford, nicknamed the Tramline Trader
John Burford, a former physics PhD and self-proclaimed 'Tramline Trader,' has admitted to a four-year fraudulent investment scheme that saw him confiscate over £1 million from more than 100 unsuspecting investors. The scheme, which operated under his company Financial Trading Strategies Limited, was uncovered by This is Money's columnist Tony Hetherington last year.
Burford, who worked on Nasa's Manned Mars Exploration Team, was found to be operating without authorization from the Financial Conduct Authority (FCA). He provided misleading investment advice and managed funds dishonestly, using the £1 million he took to buy property and cover living expenses. The FCA is now seeking confiscation orders to recover these ill-gotten gains and return money to the investors.
Investigations into Burford's activities began in 2023, when the FCA started looking into his affairs. It was alleged that Burford lied repeatedly about the worth of his funds and hid the extent of the losses made through trading. In a bid to attract more investors, Burford offered a VIP Traders Club for £995 per year and a £595 fee for daily alerts on promising stock market opportunities. His company also promoted a paid subscription service and daily trade alerts offering investment advice and access to his three funds.
Carrying out unauthorized business is punishable by a fine or up to two years in prison, while fraudulent trading can lead to fines or as much as 10 years in prison. Charges against Burford were brought by the FCA 23 months later, and he has now pleaded guilty.
The FCA placed Burford's firm on a warning list in the past, but it seems that this did not deter him from continuing his illegal activities. Only £760,000 of the funds taken from investors were ever traded, leaving a significant gap in the funds' whereabouts.
John Burford is set to be sentenced at a later date at Southwark Crown Court. The FCA intends to pursue confiscation orders to deprive Burford of the money defrauded from investors, ensuring that justice is served and the stolen funds are returned to their rightful owners.
- John Burford, despite previously working for NASA, used his company Financial Trading Strategies Limited to deceive more than 100 investors, with investments in mortgages, properties, and general-news businesses.
- The Financial Conduct Authority (FCA) discovered that Burford was providing misleading investment advice, using the collected funds to buy property, cover living expenses, and engage in activities such as crime-and-justice related ventures.
- Burford now faces charges and has pleaded guilty to his actions, with the FCA seeking confiscation orders to recover the ill-gotten gains and return the money to the affected investors, highlighting the importance of ethical finance and business practices.
