Ex-royal officer accused of fraud

Paul and Laura Page deny all the charges against them

A former royal protection officer and his wife financed a life of luxury by setting up a fraudulent investment scheme, a jury has been told.

Southwark Crown Court heard that throughout the alleged fraud Paul Page, 37, was based at Buckingham Palace attached to Royal Protection Command.

Prosecutors said he spent years duping colleagues, friends and family into lending him millions of pounds.

Mr Page and his wife Laura, 42, from Essex, deny all the charges.

The father of five has pleaded not guilty to two counts of fraudulent trading, intimidation, threatening to take revenge and making a threat to kill.

Mrs Page denies "being concerned in an arrangement facilitating dealings with criminal property", intimidation and making a threat to kill.

The alleged fraud involved using the money for investing in property and promised "fantastic" but unrealistically high rates of interest.

Death threats

The court heard the money was laundered by Mrs Page and then used for gambling and financing the expensive lifestyle of the two defendants.

This is a field in which an inexperienced, unskilful and unlucky punter can easily go bankrupt Douglas Day, QC

Mr Page extracted about £3m from some 57 lenders or investors, the court heard.

When the pair suspected one of their victims, reported long-time friend Fahim Baree, was helping to uncover the truth they allegedly turned to death threats to derail an investigation.

The jury was told Mr Page supported the alleged scam by a "veneer of credibility" and had a "well-honed talent to deceive".

He backed-up claims that he was a highly adept property developer and markets speculator with numerous expensive cars, the court heard.

'Substantial losses'

Douglas Day, QC, prosecuting, said: "He developed a reputation for being good with money and for being knowledgeable about the stock market.

"Among the royalty protection officers he ran what became known as 'the currency club' through which officers speculated through spread betting on the foreign exchange market.

"His success with money was on the face of it evidenced by the fact that as a police constable he was nevertheless able to have the use of expensive cars such as a Range Rover, Mercedes and Porsches. These cars were in fact hired by Mr Page."

Mr Day said spread-betting was Mr Page's "most significant sideline".

He added: "This is a field in which an inexperienced, unskilful and unlucky punter can easily go bankrupt, but someone who is attuned to the ebb and flow of financial markets can make huge tax-free profits."

But in fact Mr Page was suffering "substantial" losses and went through hundreds of thousands of pounds that belonged to other officers.

The Royal Protection Command is a unit of the Metropolitan Police, known as SO14.

The case is expected to last up to three months.