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IFA gave widow’s savings to Nigerian fraudsters

Judge gives suspended sentence after hearing 77-year-old IFA was delusional after being cheated.

A financial adviser became delusional after being swindled by a Nigerian fraud gang, a court heard.

Stanley Nin, a 77-year-old IFA from Sandbach, was before Chester Crown Court charged with swindling a 101-year-old widow out of her life savings.

Nin admitted the charges but it was said in mitigation that the Nigerian gang, who cheated him out of £400,000, had left him obsessive and delusional.

Giving him a 10-month suspended sentence, Recorder of Chester Judge Elgan Edwards said: “I have not come across a case as unusual as this. You are an intelligent man but you have been deluded. Because of this, I am going to take an unusual and more lenient way of dealing with you than otherwise would be the case.”

The court was told that Nin persuaded widow Gladys Jarvis of Alsager to invest her £76,000 life savings with him. Evidence was given that Mrs Jarvis trusted Nin because he had always dealt with her husband’s investments before he died.

But police were alerted by officials at Barclays Bank when Nin was seen with Mrs Jarvis in the bank cashing a cheque for £10,000. Nin had failed to tell Mrs Jarvis that he intended to invest the money with the Nigerian fraudsters.

Evidence was given that over a 10-year period, Nin gave the Nigerians £400,000, leading to his own bankruptcy.

In Nin’s defense, evidence was given from a psychologist that he was under an “obsessional delusion” that the Nigerian deal would come good and he would share in a £35m payout.

After the case, Mrs Jarvis’s family issued a statement which read: “It is despicable that Nin has stooped so low as to abuse his position of trust in this way.”

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