Two men have been convicted in a £115m Ponzi fraud scheme at Southwark Crown Court today, according to the BBC.

Kenneth Peacock, 43, from Surrey and John Anderson, 46, from West Hampstead were found guilty of unlawfully accepting deposits from investors.

A verdict has not yet been given on whether the pair also deceived investors, says the BBC.

A third person who was the mastermind behind the scheme, Kautilya Pruthi, 41, from Wandsworth, had already pleaded guilty to seven counts of fraud. He had previously served time in US jail for fraud.

The scheme, which ran for four years, is being described as the UK’s largest Ponzi scheme in history.

The scheme affected hundreds of people including England cricketer Darren Gough. By the time the scheme collapsed, 800 people were owed £115m but it is expected only £2m-£3m will be recovered.

Ponzi schemes offer investors high returns over a short period of time, often paid through their own money or that of subsequent investors.