A property developer who persuaded investors to invest in property developments in Greece, while some of the money was used to fund his luxury lifestyle, has received a seven year prison sentence.

Ralph John Christie, 53, of Kensington Mews, North Road, Ripon, has been sentenced to seven years imprisonment with 240 days spent in a foreign jurisdiction on remand after being found guilty of five counts of Fraud by False Representation, contrary to sections one and two of the Fraud Act 2006.

Over a three year period, Christie had received over £5.8 million of money from friends and associates, the investors believed they were investing in property developments and land on the Greek island of Crete.

“Christie took advantage of the downturn of the pensions market and offered handsome returns on investments ranging from £50,000 to £1.25 million,” a spokesperson from West Yorkshire Police said.

A police investigation exposed that some of the investors’ money was being used to support Christie’s lifestyle in Crete which included funding a house, a swimming pool and a squash court.

A spokesperson from West Yorkshire Police added: “Christie placed bets and gambled over £600,000 in three years, losing £80,000; however the whereabouts of the majority of the money remains unknown as Christie withdrew large amounts of cash from banks in Crete but has not disclosed what he has done with it.

"Christie attempted to persuade investors not to cooperate with the police investigation stating that West Yorkshire Police were partly responsible for the failure of their investment due to the freezing of his bank accounts. In reality there was nothing in these accounts other than a large amount of debt, Christie having constantly emptied them like a piggy bank."

Christie was sentenced at Bradford Crown Court last Friday and recovery proceedings are now underway.  

The West Yorkshire Police added: "Proceeds of Crime Act proceedings have now commenced and West Yorkshire Police will seek to identify all assets held by Ralph Christie both in the UK and abroad including those he has attempted to hide from the police and his victims.

“All funds recovered will be used to compensate the victims in this case who have suffered considerable financial losses due to the actions of Ralph Christie."