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Categories:Advisers,Regulation

IFA jailed for stealing over £1m from clients

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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.

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Readers' comments (13)

  • So, in 20 years this fellow has never had an FSA visit of any kind whatsoever? How can this be?

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  • Did I read correctly - OVER 20 YEARS - where oh where were the regulators over this period of time.

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  • We have a world class regulator..............

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  • Mind you RDR will stop all this dead in its tracks.

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  • DH @ 3:55 I`ll have a bet with you on this if you are up for it.

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  • 50\50 yes or no

    I bet NO thats if there are any IFA's left

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  • I can bet what DH stands for...

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  • Crikey - if the regulator didn't discover this sort of crime within 20 years, no wonder they are starting their drive on whistleblowing - they probably think it's the only chance they have to catch anyone.

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  • Very clever IFA obviously. If he invested wisely then he would have been able to repay the "borrowed" funds and keep the profits, what?

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  • 'Small advised consumers to satisfy themselves the adviser they are using is reputable and FSA-regulated, and that their money has been properly invested'

    He was FSA regulated - fat lot of good that did them.

    No wonder people turn to banks - at least they feel safe that even if the adviser is dodgy the bank will cough up!

    Can't see all the IFA's wanting to have regular visits from the FSA - half would be scared stiff and the others wouldn't want to pay the increased cost of having a regular supervisory visit.

    No win for the FSA either way!

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