Commission con advisers tricked firm out of £100k
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Two advisers have been found guilty of tricking their company out of more than £100,000, a court has heard.
Mark Bates, 48, and Alan Hill, 52, a partner and adviser with Pace Financial Management in Sheffield, were found guilty on February 18 at Southwark Crown Court of conspiracy to defraud, conspiracy to obtain a money transfer by deception and conspiracy to launder criminal property. Bates’ wife Karen was acquitted of money laundering but convicted on a charge of false accounting.
The case had to be transferred from Sheffield as some of the advisers’ clients were judges at Sheffield Crown Court.
Judge Martin Beddoe warned the men that they are likely to be jailed when they are sentenced in March.
The court heard that the pair failed to hand over the correct commission to their firm. They used the money to buy property in France and Spain.
The prosecution described how between 2002 and 2007 the men incorrectly filled out new business commission sheets which were then not properly cross-checked.
Hill was entitled to 50 per cent of commission earned but took 90 per cent.
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