A fraudster has been told to ready himself for jail after pleading guilty to an investment scam involving 16 separate victims.
Stephen Rae, 63, has admitted 16 offences of fraud, against 16 individuals, between June 2014 and January 2016. The charges relate to him fraudulently taking money from people on the basis it would be invested and then paid back, with interest.
No details were given during the hearing at Newcastle Crown Court about the amount of money involved. Prosecutor Peter Moulson KC said some of the complainants may read impact statements at the next hearing.
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Rae, of Forth Court, South Shields, will be sentenced in September and has been allowed bail in the meantime. But Judge Tim Gittins warned him: "The next stage is for you to be Sentenced and I cannot do that today.
"I allow you bail but on the strict understanding that you ready yourself for a sentence of imprisonment on the next occasion. Just because I am granting you bail, that is no indication of what the sentence will be ultimately."
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