Reform donor lost thousands betting on Iran and Starmer

By the Editorial Team · Sunday, July 12, 2026

George Cottrell, a former British banker convicted of wire fraud in the U.S., has lost over $1 million gambling on a cryptocurrency prediction market while facing scrutiny for financial ties and suspicious loans linked to Nigel Farage's Reform UK party. These revelations come amid ongoing investigations into undeclared political donations and money laundering suspicions involving Cottrell, leading to police interviews and parliamentary inquiries.

George Cottrell, a British former banker residing in Montenegro and previously convicted of wire fraud in the United States, has reportedly lost more than $1 million over the past year gambling on a cryptocurrency-based prediction market. Cottrell’s largest single loss, exceeding $550,000, came from a bet on Polymarket predicting the timing of a U.S. military strike on Iran. He also lost an additional $125,000 wagering that Keir Starmer, leader of the UK Labour Party, would leave office by the end of February.

Polymarket is a digital platform enabling users to place wagers on a wide array of topics, including politics, economic developments, and sporting events. While users from the United Kingdom can access odds information, they are prohibited from opening accounts or placing bets due to regulatory restrictions.

Cottrell has attracted attention amid an investigation examining donations to Reform UK, the political party led by Nigel Farage. Recent reports have highlighted Cottrell’s financial ties to Farage, whom he reportedly refers to as “Daddy.” According to disclosures, Cottrell has provided Farage with financial support for activities such as social media campaigns and security arrangements.

Further scrutiny has arisen from the disclosure of two loans linked to Cottrell flagged via Suspicious Activity Reports (SARs), which are formal notifications submitted by regulated entities to the UK’s National Crime Agency (NCA) when there is suspicion of money laundering. These developments emerged alongside separate investigations into an undeclared £5 million donation from crypto entrepreneur Christopher Harborne to Farage, which led to inquiries by Parliament’s standards commissioner before Farage resigned from his party leadership last week.

Both Cottrell and his mother were reportedly interviewed under police caution by detectives from the Metropolitan Police’s special inquiry unit. Representatives for Cottrell declined to comment specifically on the allegations but denied that he had made any impermissible donations to Reform UK. Meanwhile, Reform UK has not provided a response to media requests for comment.

Richard Tice, a prominent figure within Reform UK, stated that he was unaware of any current investigation regarding the million-dollar transactions. He asserted that the funds originated from Fiona Cottrell, whom he described as a permissible donor. Tice also claimed familiarity with the Cottrell family spanning five decades and expressed the view that allegations concerning the funding were politically motivated.

The NCA has declined to confirm or deny receipt of any SARs, emphasizing that these reports remain confidential and that any breach could constitute a criminal offense under the Proceeds of Crime Act.

Cottrell, 32, co-authored a book titled *How to Launder Money* and served an eight-month prison sentence in the United States after pleading guilty to wire fraud in 2017.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.