£50m conman set to pay back just £350k

A ‘deluded’ conman who swindled £50 million from investors and blew the cash on cars, holidays and even a yacht is set to pay back less than £350,000. Richard Clay, 51, promised investors their money would be put into offshore property development schemes, and that their original investment sum was safe. In reality, he either spent the money on his lavish lifestyle or ploughed it into various other projects – all of which were haemorrhaging money. Clay is said to…