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Adviser charged with £600k fraud to fund gambling habit

A court has heard how a Newcastle-based adviser organised a £600,000 fraud to fund his gambling habit.

The Evening Chronicle reports that Alok Dhanda recently appeared in North Tyneside Magistrates Court, charged with 13 counts of fraud.

The prosecution argues Dhanda convinced clients to invest in property in India but instead put the money toward paying off debts of over £1m.

Banks are reported to have raised the alarm over unusual transactions in Dhanda’s bank accounts, prompting a police investigation.

Dhanda denied 13 charges of fraud, and his solicitor says the money was given to Dhanda in loans to his business, arguing the matter should be pursued through civil and not criminal court.

Dhanda ran Dhanda Financial until August and held a variety of permissions through Tenet. He then worked at Truly Independent from September to November.

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Sometimes, however much the warnings to investors are out there, you can’t save people from their own stupidity. Then, you have to ask – should the industry’s compensation scheme, the FSCS, bail-out people undertaking unregulated activities and expecting to claim for such fraud? Why should my clients suffer costs to fund these ‘investors’ stupidity?

  2. Nothing picked up on the FCA’s “pragmatic” GABRIEL Returns, then? Does anybody ~ anybody at all ~ know what practical value these returns actually serve? If the FCA could cite just a few examples of any malfeasances that it’s actually managed to identify and act upon before yet another train wreck, we might see some worth in them. But, as things presently stand, all they seem to be, like so many of the FCA’s directives, is yet another regulatory imposition for nothing more than their own sake. And this, after 25 years of regulation.

    Again, the Code: Our expectation is that as regulators integrate the Code’s standards into their regulatory culture and processes, they will become more efficient and effective in their work. They will be able to use their resources in a way that gets the most value out of the effort that they make, whilst delivering significant benefits to low risk and compliant businesses through better focussed inspection activity, increased use of advice for businesses, and lower compliance costs.

    Yet the FCA would have us believe that it has no exemption from the Code and that it does indeed abide by it. Actions (or lack thereof) speak louder than words.

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