Not guilty verdicts in ‘Bola Chica’ fraud trial

The Supreme Court trial of four locals accused of conspiring to defraud in a Ponzi scheme collapsed yesterday when the presiding judge told jurors there was not enough evidence to convict.

“The Prosecution failed to prove fraud as alleged in the indictment,” said Puisne Judge Adrian Jack, as he ordered the jury to return not guilty verdicts.

A Ministry of Defence secretary and three Royal Gibraltar Regiment soldiers walked free from court after being acquitted of one count of conspiracy to defraud.

One defendant began to sob when the jury foreman delivered the not guilty verdict. People sat in the public gallery cried at the announcement and the defendants hugged their lawyers in thanks.

FULL STORY IN OUR PRINT AND E-EDITIONS