County Durham broker Steven Colwell, who was cleared of wrongdoing in two court cases, spent seven years under investigation by police because of his connection to a father and son accused of fraud.
He told ChronicleLive: “For the last seven years my life has been a living nightmare. It’s had a devastating effect on my family, my health and my business. I look forward to getting my life back on track after what has been a horrific time.”
Colwell first stood trial in 2009 charged with conspiring with John Henry Sayers to obtain a money transfer by deception. Sayers was sent to prison for four years for a £350,000 tax swindle, but Colwell was found not guilty.
When police and prosecutors accused Sayers’ father of carrying out a £1.1m tax and mortgage scam, Colwell was again charged. However, no evidence was submitted to court and the prosecutor invited the judge to enter not guilty verdicts. The case of 72-year-old Sayers Snr is ongoing.
She said: “At the time when the case was presented, there were a number of prosecution witnesses who supported the case against Mr Colwell.
“History has revealed that the witnesses that were to be relied upon can no longer be relied upon as witnesses of truth as a result of some recent inquiries. In these circumstances the case against Mr Colwell is no longer sustainable.”
