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Categories:Pensions

Finance manager has £5m confiscated over Friends Prov fraud

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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.

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