Reform’s Nick Candy wins millions in legal battle against tech fraudster

Nick Candy’s venture fund agreed to invest £6.5m in social media start-up Aaqua, which imploded in 2022 - Lucy North/PA

Reform treasurer Nick Candy has won millions in damages from a failed dot-com boom entrepreneur over claims he defrauded the property tycoon.

The High Court ruled on Wednesday that Robert Bonnier had lied “repeatedly and determinedly” to secure millions of pounds in investment from Mr Candy’s venture fund before his social media start-up, Aaqua, imploded in 2022.

Candy Ventures took legal action against Mr Bonnier, alleging he had induced Mr Candy into investing after a meeting at the Mandarin Oriental Hotel in Dubai in 2021 by claiming he was on the brink of securing $1bn (£767m) from Apple and luxury goods giant LVMH.

Mr Bonnier, a Dutch entrepreneur who previously led dot-com era start-up Scoot, had counter-sued for £145m and claimed Mr Candy’s legal threats – including securing a freezing order against his start-up – caused the business to collapse.

At the trial, a series of WhatsApp messages and emails between Mr Bonnier and Mr Candy showed the tech entrepreneur claiming he had held talks with Apple in San Francisco in early 2021.

In a WhatsApp message, Mr Bonnier told Mr Candy his talks with Apple were “super super good” and that the tech giant was “192pc committed”. He claimed he was “head on dealing with the Apple transaction documentation”.

Candy Ventures added that Mr Bonnier had claimed he had a “personal relationship” with Tim Cook, Apple’s chief executive.

The Dutchman also allegedly shared a draft agreement detailing Apple’s planned investment with Mr Candy’s team. Mr Candy ultimately agreed to invest £6.5m in Aaqua through a share swap with London-listed Audioboom.

However, during the trial Mr Bonnier admitted that he had “not been involved in any negotiations” with Apple.Robert Bonnier, pictured, had claimed he was on the brink of securing $1bn from Apple and LVMH - Lucy North/PA

In his judgment, Mr Justice Bright said: “Mr Bonnier confirmed that he was not involved in active negotiations with either Apple or LVMH representatives concerning imminent investment in Aaqua.

“Thus, I am satisfied that the representations were false, and he knew them to be false when he made them.”

Mr Justice Bright added he was “satisfied that the representations in fact induced Candy Ventures to enter into the three agreements, and then to invest in Aaqua”.

“The defendants had no realistic way of attracting investment, or of generating income, except by misrepresenting the position to any potential investor.”

Mr Bonnier was blocked from defending his claim at the trial last month after breaching a series of court orders to disclose documents to Candy Ventures.

Mr Candy said: “After more than three years of hard-fought legal proceedings, I welcome the judgment handed down by Mr Justice Bright.

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“The Court found that Mr Bonnier’s statements were false, that he knew they were false, and that he made them deliberately to deceive.”

He added: “I was not the only one misled. Seasoned professionals left senior positions at leading institutions, and many investors – both large and small – lost substantial sums believing in what they were told.

“The damage caused by Mr Bonnier’s lies has been severe and far-reaching.”

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