Bogus Financial Advisor Pays Back Victims
A man aged 45 of West London was arrested in March 2006 after officers from the Metropolitan Police investigated crimes that had been reported by his numerous victims.
The man was acting as an independent financial advisor running a company providing mortgage advice although he was not registered with the Financial Services Authority (FSA) to do so.
Between 2003 and 2007, the man stole large sums of monies from many victims resulting in the loss of their life savings and leaving some struggling with mortgage payments and in fear of losing their homes.
The man attracted customers by promising sky high interest returns on large deposits which he was unable to honour. He also befriended women and socialised with them in a lavish manner, while convincing them to remortgage their properties. He promised to arrange mortgages for some victims and accepted deposit payments from them, which he then retained for himself.
On the 3rd of August 2007 at Snaresbrook Crown Court, the man pleaded guilty to 15 offences of theft, evasion of liability by deception, obtaining money transfer by deception and fraudulent trading. He was given a 3 and a half year prison sentence for his crimes.
London RART carried out a financial investigation on the man, which showed the high life that his crimes were affording him.
On the 6th of March 2009 at Snaresbrook Crown Court, a confiscation order was made for £450,000 which the man must satisfy by the 1st of July 2009 or he will face a further 3 and a half years being added to his sentence. A compensation order was also made for £450,000 which is to be used to compensate his victims and it will be satisfied out of the money recovered under the confiscation order.