Fake it til you make it? Not always such a great idea…
A British day trader who posed as a private equity executive to orchestrate a fake £154 million ($206 million) takeover bid has received a two-year suspended prison sentence for fraud and forgery, according to a new report from Bloomberg.
Christopher Woolcott, 44, sought to inflate the share price of Touchstone Exploration after buying shares in London and Toronto. He created multiple false identities, impersonated lawyers and investment executives, and even adopted a Boston accent when meeting the company’s CEO at a London hotel in December 2024.
To support the bogus offer, Woolcott used ChatGPT to help forge HSBC proof-of-funds documents and legal correspondence. He also circulated fabricated materials through Discord to lend credibility to the supposed deal.
Bloomberg wrote that Touchstone’s management questioned the unusually generous offer, while its lawyers uncovered inconsistencies in the documents.
A London judge called the scheme deliberate and sophisticated but suspended Woolcott’s sentence after considering his family circumstances. The UK’s Financial Conduct Authority described it as a calculated attempt to manipulate the market.
The scheme began in November 2024, when Woolcott approached Touchstone under the alias Simon Jones of Griffon Partners, proposing an all-cash acquisition at nearly twice the company’s market value. He later posed as Jones’s business partner, Greg Thomas, during an in-person meeting with Touchstone’s CEO.
During sentencing, the judge cited a psychological report in which Woolcott admitted finding it exciting to assume different identities and getting carried away.
His lawyers argued that financial pressures, tax debts and depression contributed to his actions. The judge also considered his role as the primary breadwinner for his family and father of two young children.
