Three men appeared at City of London Magistrates court on Monday charged in connection with an alleged investment scam.

Jolan Marc Saunders, 36, of Buckhurst Hill; Spencer Mitchell Steinberg, 43, of Radlett; and Michael Dean Strubel, 51, of London have been charged with conspiracy to defraud.

Mr Saunders also faces a charge of acting as a company director while disqualified.

According to the Serious Fraud Office, the men courted investors between 2006 and 2010 on the back of contracts which a London company, Saunders Electrical Wholesalers, was claimed to have with top hotel chains.

Around £40 million was “estimated to have been attracted to the scheme,” the SFO said.

The men were due to attend a preliminary hearing at Southwark Crown Court next Tuesday.