Started by Newshound, May 24, 2004, 07:35:39

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CONVICTED fraudster John 'Goldfinger' Palmer must pay nearly £4million to 350 victims of his Tenerife timeshare swindle.

Palmer, 54, one of Britain's richest men with a reputed fortune of £300million, has been ordered to pay the compensation by the High Court.

He is serving an eight-year jail sentence for his part in an estimated £30million fraud.

After a lengthy legal battle Palmer has been told to fork out damages of over £1.8million and interest of over £2million, plus costs.

Lawyers said the victory was a "good day for the little man". But 15,000 will miss out because they were too afraid to take action.

A police source said: "The award is chicken feed to Palmer."

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