Property developer and Reform UK treasurer Nick Candy has detailed how he lost more than £10 million in a sophisticated scam, urging criminal investigators to pursue the case.
Candy described falling victim to Robert Bonnier, a Dutch businessman, who pitched an investment in Aaqua, a social media platform presented as the "next Facebook." Bonnier claimed major companies like Apple and LVMH were poised to invest over €1 billion (£850 million) and provided documentation to support these assertions. Executives from established firms such as Sky and Barclays were recruited to work for Aaqua, adding to its perceived legitimacy.
Candy Ventures, a business associated with Nick Candy, exchanged £6.75 million in shares of the podcasting business Audioboom for Aaqua shares, which were later transferred to another entity called AAA. These transactions were presented as steps toward a profitable exit.
Bonnier had a history of business difficulties, including the collapse of his online directory Scoot at the turn of the millennium and a £290,000 fine from the City regulator in 2004 for misleading the stock market. He consistently attributed his past setbacks to external factors rather than his own actions, presenting himself as a victim. Candy noted Bonnier's articulate manner, financial background, and exceptional memory for details as contributing to his credibility. Bonnier also used project codenames and a recurring "magic" number, 192, which appeared in company names and investment figures, creating an impression of meticulous planning.
Bonnier also allegedly dropped the names of influential business leaders, claiming personal relationships with them, but resisted any attempts to verify these connections, citing the risk of jeopardizing the investment. He reportedly employed tactics such as creating delays and fabricating medical emergencies, including hospital stays and operations, to postpone critical meetings and avoid scrutiny.
Bonnier collaborated with a Singapore-based UK solicitor, Joel Hogarth, who assisted in creating investment documents and corporate structures that facilitated the alleged fraud. Hogarth has stated he was unaware of the deception. Bonnier also reportedly received financial backing from Dutch businessman Fabian Hoes.
Separately, between April 2021 and May 2022, Bonnier and his wife Nashida allegedly engaged in wash trading of Audioboom shares. This practice, which involves trading shares back and forth through a third party, artificially inflated the share price by creating the false appearance of significant market activity. On some days, the Bonniers accounted for 20% to 60% of all Audioboom shares traded, attracting investors and boosting the share price. During this period, rumors of takeover interest from companies like Spotify, Amazon, and Vivendi also circulated, further driving up the share price from around £3 to over £20, before it eventually collapsed.
Following the realization of the scam, Candy pursued legal action and obtained a civil court victory last year. Bonnier was ordered to repay £4.6 million plus interest and legal costs, but approximately £10 million remains outstanding. Candy stated that while civil litigation can establish liability, credible allegations of fraud and market manipulation warrant a thorough criminal investigation. He has called on the Crown Prosecution Service, the Financial Conduct Authority, and the National Economic Crime Centre to investigate Bonnier and his associates, emphasizing the importance of trust, honesty, and integrity in Britain's financial markets.