City financier Nicholas Levene has been charged with 16 offences relating to an alleged investment fraud.
Mr Levene, 46, of High Barnet, north London, who was released on conditional bail, denies the allegations.
When Levene eventually gave Mr Hakim-Rad a cheque for the money, it bounced.
Sainsbury also announced that Keith Butler-Wheelhouse, head of its remuneration committee, had resigned along with fellow non-executive director Lord Levene.
During the past 18 months, the company has sold art to collectors in 28 countries, said cofounders Catherine Levene and Christopher Vroom.
Bookmaker IG Index and Stagecoach transport tycoons Brian Souter and Ann Gloag are among those reported to have made claims against Mr Levene.
Mr Levene resigned from the board of Leyton Orient FC, where he was vice-chairman, in 2009 after the fraud allegations first came to light.
Peter Levene, Chairman of the London-based insurers Lloyd's, admitted the mood among corporate representatives would need to be more reflective and self-critical than usual.
Upper sixth student Max Levene, 17, from Truro School, was in a match against Kelly College in Tavistock, Devon, in October when he was injured.
Mr Levene was bailed after being charged at Snow Hill police station in London, and will appear before City of London magistrates on 11 March.
More fundamentally, collecting small sums from millions of users is expensive, says Simon Levene of Accel Partners, a venture-capital firm that has investments in both Gameforge and Playfish.
The court heard Levene used his contacts and strong reputation to win over people with seemingly concrete investment deals from which he would take a commission or fee.
Right now the likelihood is that Lloyds will eventually opt to float Verde on the stock market - although there is a small possibility that it will revive talks on selling it to NBNK, the company specially created to buy banks by Lord Levene.
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