A man has denied defrauding investors out of £2.8 million to fund his luxurious lifestyle, which included a £180,000 Lamborghini Aventador.

Jonathan Allard, 37, appeared at Southwark Crown Court on Wednesday charged with two counts of fraud, one of money laundering, and four counts of possessing articles for use in a fraud.

Prosecutors say large sums of money invested in Zurich Private Capital were transferred into bank accounts controlled or used by Allard.

Allard is accused of spending the cash from the alleged scam on a high-end lifestyle, with police seizing valuable belongings, including the exotic sports car, when he was arrested in November 2016.

Officers also found copies of two UK passports, a copy of a Portuguese driver’s licence and a copy of an amended council tax bill at his home, the court heard.

Allard is accused of also making a false insurance claim to Ascot Underwriting Limited under his high net worth household policy, in relation to a Cartier bracelet he said he lost while travelling.

He was charged with two counts of fraud, one of money laundering, and four counts of possessing articles for use in a fraud between January 2013 and December 2017.

The defendant, who wore a suit and tie, spoke only to confirm his name and pleaded not guilty to all charges.

The court also heard that statements from 36 witnesses have been uploaded to the case file.

Judge Martin Griffith granted Allard bail on the condition he lives at his apartment in Riverlight Quay, Nine Elms, south west London, surrenders his passport and does not contact investors in Zurich Private Capital.

The judge set the trial date for May 29 2023 for three weeks.

He also told Allard that, unless he intended to change his plea, he would not have to attend a case management hearing set for June 24 later this year.