IFA jailed for stealing over £1m from clients
A Derbyshire-based former IFA has been jailed for five and a half years after stealing more than £1m from his clients.
A report on the This is Derbyshire website reveals Malcolm Green, who worked for MG Financial and Insurance Services, admitted 42 counts of fraud, false accounting and obtaining money transfers by deception.
Green was sentenced at Derby Crown Court today. He was charged with the offences in January.
He handed himself into police in March last year after targeting 38 victims over 20 years.
He issued clients with false bond certificates in an attempt to make their investments look genuine.
Detective Constable Andy Small told the newspaper: “Green has used the money to enjoy a good standard of living out of a company that has been losing money since 1987.
“Green had a deluded belief that he would be able to pay the money back by winning the lottery.”
Small advised consumers to satisfy themselves the adviser they are using is reputable and FSA-regulated, and that their money has been properly invested.