Alan Edwin Gardner (dob. 02/06/68) of Bromsgove created a fictitious foreign currency trading scheme supposedly backed by Swiss bank UBS offering 48 per cent returns per year.
The scheme was in fact a sham in which four British and a Canadian expatriate were defrauded one of which losing as much as £219,000.
Once investors were introduced to the scheme Gardner would deal with the applications, create the documents and instruct them to send funds to bank accounts in Switzerland and the UK that he controlled.
The funds were extracted almost immediately suggesting that there was no real intention to invest on behalf of his clients.
The fraud unravelled in 2005 when other financial advisers operating in the South East Asia market became suspicious of Gardner’s scheme which they knew was being touted around the expat community.
Gardner had worked in financial services during 2001 and had a brief spell with an IFA firm in Jakarta but did not complete his employment probationary period.
Yesterday the jury found Gardner guilty of six counts of Obtaining by Deception and four counts of False Accounting. He was sentenced to six years imprisonment and disqualified from acting as a company director for seven years.
Upon sentencing him the Judge stated he had a “public duty to deter not only you (Gardner) but others from defrauding others”.
The proceedings have been adjourned in relation to Confiscation with the date yet to be determined.