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Financial adviser jailed for defrauding elderly client

Ponzi Scam Fraud Gavel Law 480

A financial adviser has been jailed for 14 months for defrauding a 93 year old client out of £58,000.

The Henley Standard reports Sanjay Parmar of Lowfield Road in Reading admitted four counts of fraud by abuse of position at Guildford Crown Court.

A 93 year old female client wrote four cheques totalling £58,000 between April and July 2010 after Parmar told her the money would be paid into her savings account.

A relative based in Guildford sought legal advice after realising the money had not been paid into the account.

DC Andrew Skoglund, who investigated the case, told the newspaper: “This man was in a position of trust and used this to take advantage of a vulnerable, elderly victim who believed she was handing over money in good faith to invest in her savings.”

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Comments

There are 11 comments at the moment, we would love to hear your opinion too.

  1. 14 MONTHS Ppfft !!!

    Throw away the key would be more fitting

  2. 14 months means he’ll probably be out for good behaviour in about 10. If you want to know just one of the reasons why this country is in a mess, just look at the ‘deterents’ we hand out.

    Shocking.

  3. Amazing the %age of people convicted have the same “nationality”

  4. Puts RDR into perspective doesn’t it? A massive shift in the industry for the benefit of the consumer, but whether Tied, Restricted or otherwise, unscrupulous behaviour will continue (particularly when consequences are so lenient – 14mths indeed!). The consumer needs to look at the individual closer than their advisory status. I wonder whether this chap was RDR ready?

  5. Awful agree with comments above. 14 months is a derisory punishment – I wonder how this lady & her family are feeling about matters?

    As a SOLLA accredited adviser this kind of thing makes me mad.

    Perhaps they should make him work at McDonalds on minimum wage until every last penny was paid back. (There’s a dig at someone in there I think)

  6. Ancient Wisdom...is a IFA in N3 22nd November 2012 at 3:13 pm

    thieving little bastard. Abusing his position and an elderly lady.

  7. Bad form. Trust is not a concept to abuse.

    oddly enough you go down longer for white collar crime rather than robbery with violence.

  8. If he hjas spent the money, then is the old lady covered by the FSCS? If so, then is she only covered to £50k because it was “advice” and this liabilitty falls the the advisery sector of the FSCS (i.e. WE PAY) or because it was supposed to be deposited, does it fall to the banking sector at the £85k limit.
    Suspect the FSCS will take a view and cover it to £85k, but levy it against authorised advisers.

  9. Have just checked him out on the FSA Register and there appear to be two possible individuals who could be him.

    One is active and the other is inactive – although neither has a disciplinary history. This raises questions as to why the FSA has not already taken action or, if it has, why is this not stated on the Register?

    It would appear that this low-life was an IFA. So perhaps, MM could investigate further and report back on what action the firm has taken since this issue came to light.

  10. to “invest” in her “savings”. ???

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