by Anton Johan
Britain's billionaire gambling tycoon, Peter Cruddas, has become the new
co-treasurer of the Conservative Party, after he was recruited for the job by
Cruddas is one of the country's most famous rags-to-riches personalities,
having started off in poverty as the son of a meat porter in London's East End.
After leaving school at 15, Cruddas worked as an office junior before aiming
high and setting up his own spread betting company, CMC Markets.
This company takes bets on the financial markets and allows punters to place
wagers on financial events, including foreign currency exchange rates.
Cruddas' business got its major seal of approval after Goldman Sachs
purchased a 10% stake in CMC in 2007. At the time, the bank valued CMC to be
worth £1.4 billion.
Cruddas is considered the fifteenth richest man in Britain. He is not
ashamed of his self-made wealth and is famous for bragging about his luxurious
belongings, including fifteen platinum watches worth $200,000 each, a £10
million apartment in Monaco, private homes in England and Antibes, a yacht and a
Rumours of Tax Evasion
Cameron has approved Cruddas' appointment of co-treasurer, despite the fact
that speculation has been prompted regarding tax evasion. For many years,
Cruddas resided in Monaco but commuted to the UK each day with his private jet
for business. However, last year he returned to the UK on a permanent basis and
pays full UK tax.
Cruddas donated £350,000 to the Tories in the past two years and has given
away over £1 million to charity over the years.
"I am delighted that Peter is joining as co-treasurer of the Conservative
Party and I greatly look forward to working with him in the coming years," said
the party's long standing treasurer, Stanley Fink.