A 71-year-old IFA from Lancashire has been jailed for five years after being convicted of a string of frauds totalling more than £600,000.
Preston Crown Court heard how John Williams, who traded under the company of Acorn Marketing Services in St Annes, was sent to jail for operating a Ponzi scheme where money from investors was used to bail debts from earlier investments.
The trial lasted three weeks and Williams denied the charges.
The investigation carried out by police revealed how the fraudster conned 22 investors out of £640,000 in order to fund a serious gambling habit and fondness for expensive cars.
Once the police started investigating Williams, he tried to clear his name by claiming he’d been made a victim of corrupt deals by his business partners. He also stated that he was retiring due to poor health. However, the police investigation proved this to be false.
According to the Press Association, Williams was able to keep his business afloat and prevent detection by paying off certain clients. He continued to lure investors through promises of high returns on property investments.
Some victims handed over life savings and redundancy money, leading to the fraudsters being convicted of 35 counts of theft.
Prosecuting, Peter Horgan said: “Williams was not living the high life [but was living] above his limited means".
Judge Simon Newall said: “You had a long standing personal relationship with many of your clients. It was a relationship of confidence and trust.
“Your clients weren’t wealthy, moneyed investors looking to speculate in the money markets - they were ordinary, hardworking individuals, often in their later years.
“This is not just a financial injury - it is a physical and emotional scar that they will live with for the rest of their lives.”
According to an online watchdog forum one woman, who preferred not to be named, said: "He has scammed me out of £75,000 of my retirement. I want him to go down for the rest of his living years."
Sentiments echoed by Peter Miller, a self-employed plumber, who said: "He's a conman. He was supposed to be a friend in the village for the last 30 years - somebody's who's good at investments, but he's conned us all."
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