This site uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Find out more here.

Finance manager has £5m confiscated over Friends Prov fraud

  • Print
  • Comment

A fraudster has had almost £5m confiscated from him after exploiting Friends Provident between 2005 and 2009.

Former finance manager Paul William Patrick Wood, 50, was jailed for three years in 2010 after pleading guilty to eight counts of fraud which related to two bonds he held with Friends Provident.

The Crown Prosecution Service in Wessex has now had a confiscation order of £4,812,245 to be taken from Wood accepted.

According to the Wiltshere Times, Wood committed fraud by switching between the different investment funds within the policy after monitoring markets and backdating forms.

Wood claimed the figure stolen was £2m but Friends Provident said throughout the case that the figure was £4m.

  • Print
  • Comment

Daily Email Updates
If you enjoyed this article, sign up to receive the latest news and analysis from Money Marketing.

Money Marketing Awards 2015
Put your firm forward as the leading practitioner in your field. Adviser and Advertising categories are open to entries - Enter Now.

Have your sayEdit my profile/screen name

You must sign in to make a comment

Fund Data

Editor's Pick


Are you prepared to process insistent client business?

Job of the week

Latest jobs

View all jobs

Most recent comments

View more comments