TWO directors of a Llanelli and Nottingham-based internet company have pleaded guilty to conspiracy to defraud.
Swansea Crown Court was told that investors in the company were defrauded of more than £500,000 in total.
Michael Dean Taylor aged 45, of Cwrt Naomi, North Dock, Llanelli and 30-year-old Joanne Laura Marston, who lives in Nottingham, pleaded guilty this Wednesday to conspiracy to defraud.
Three other defendants, Alun Killa, aged 69, of Heol Waun y Clun, Trimsaran; Christopher David Young, aged 36, from Birmingham; and Nerys Lloyd Johansen, aged 41, of Heol Waun y Clun, Trimsaran, had conspiracy to defraud charges against them dropped.
The court heard that the company, Tenretni, was selling websites and a training package so that people could undertake the work of affiliate marketing, promoting a product on their website for commission, which could be a valid business model.
The scam involved promising large monthly incomes to people who invested between £15-30,000 each. The incomes promised never materialised and customers would be encouraged to buy additional websites to increase their earning potential.
The defendants were providing themselves with false testimonials and would befriend people pretending to be fellow investors happy to sell half their investment to them.
No-one was making money and money back guarantees were not honoured, the court was told.
The case was adjourned until Friday December 14 for sentencing. Taylor and Marston were remanded on bail.
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