A former senior official at HM Revenue & Customs, who once led anti-fraud investigations, has become linked to an alleged £200 million Ponzi scheme through the use of his image and purported signature in marketing materials. Andy Cole, awarded a CBE in 2011 for his work at HMRC, served as a non-executive director of the 79th Group until October 2021 and subsequently acted as an independent adviser. The 79th Group collapsed last year and is currently under criminal investigation by City of London police. Insolvency practitioners have described the scheme as potentially one of the largest UK-based Ponzi frauds, with claims amounting to over £200 million owed to approximately 3,700 investors, some facing the loss of life savings.

In November 2021, a letter circulated to investors included a copy of Cole’s signature and image, stating that 79th Group was not fraudulent and encouraging investors to disregard warnings from banks labeling the returns as unachievable or fraudulent. The letter also accused high street banks of trying to dissuade customers from withdrawing their savings without valid justification. This correspondence contained payment instructions and stated that the group’s financial performance eclipsed that of UK banks. It also highlighted the board’s purported experience, mentioning Cole as a tax professional and criminal and civil investigator with decades of expertise.

Cole’s legal representative has said that his client did not grant permission for his image or signature to be used in any marketing materials or correspondence beyond his initial appointment to the company’s board. Cole himself has denied promoting any financial products linked to the group or advising investors or third parties about such investments under investigation. He declined to comment further, citing client confidentiality and ongoing police and insolvency inquiries. Insolvency practitioners are reviewing Cole’s role within the group, including any payments he received.

79th Group sold “loan notes” to investors promising high returns, secured, it claimed, against valuable assets like a £250 million holiday park in north Wales. However, insolvency experts have stated these assets were not properly secured in favor of investors and have found evidence of unjustified money transfers from the group, including alleged funding for a private jet. David Webster, a 79th Group director, and his sons, Jake and Curtis, were subjected to a worldwide freezing order last year and declared bankrupt in January. Police arrested four individuals connected to the group in February 2025; all have since been released on bail, with inquiries continuing. Cole has not been arrested or identified as a person of interest in the investigation.

Victims’ legal representatives have argued that Cole’s involvement lent credibility to the scheme and was instrumental in convincing many to invest. His name and career achievements reportedly featured prominently in promotional brochures and were used by third-party sales agents to encourage investment. The Websters have been contacted for comment but have not publicly responded.