A Derbyshire-based former IFA has pleaded guilty to 42 separate offences including fraud, deception and false accounting from which he made profits of more than £1m.
The Grantham journal reports Malcolm Green of MG Financial and Insurance Services, 57, pleaded guilty at North East Derbyshire and Dales Magistrates Court to 19 counts of fraud by abuse of position, 20 counts of obtaining a money transfer by deception and three counts of false accounting.
Having been charged with 44 offences, Green entered no plea to two other counts of fraud which were withdrawn but could be reinstated at a later date.
Prosecutor Bill Taylor told the court how 37 of Green’s clients had been identified as victims with 34 making formal complaints against him.
Green took clients’ money and told them it would be invested in such companies as Prudential, Scottish Mutual and Standard Life but when getting into financial difficulty he began forging documents to keep the business going.
He made profits of more than £1m from the fraud through offences dating back to 1992. He will appear at Derby Crown Court on February 24 after being granted unconditional bail.