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IFA jailed for stealing £400k of client money

An adviser who stole £400,000 from clients was jailed for three years and four months at Bradford Crown Court yesterday.

According to the Bradford Telegraph and Argus, Yorkshire Financial Clinic IFA Glenn Wrighton was found guilty of a “grotesque breach of trust” against four women after stealing funds from them over 16 years.

Wrighton stole £163,000 from one client, depriving five beneficiaries of their inheritance. He also stole £157,000 from a woman he had met through church, as well as stealing £47,000 and £16,101 from two other women.

The prosecution said over £300,000 of the stolen funds is still outstanding.

Judge David Hatton QC said: “People had invested with you significant sums, and to them very significant sums, in order to cater for their financial futures and those of their loved ones, who’s futures you wholly destroyed.”

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Comments

There are 7 comments at the moment, we would love to hear your opinion too.

  1. So with remission he will spend 18 months inside and has had the benefit of 300k missing – earning £200k per year behind bars

  2. Bridget Greenwood 2nd August 2012 at 3:37 pm

    With £400K stolen and over £300,000 still outstanding for a 3 yr 4 month sentence – at £100,000 per year, that’s doesn’t seem like much of a deterrent/punishment.

  3. I glad he got locked up BUT where are the banning orders, fines and jail sentences for BANK Directors and Traders that have caused so many problems!

    PPI miss sales
    Libor fixing
    interest rate swaps ect ect ect ect

  4. And I bet he was fully qualified to QCF4 or above .

  5. According the FSA register he was an IFA from 2001 to 2004.

    If he stole this money over a period of 16 years it looks to me as though the majority of his crime was carried out whilst he wasnt an IFA so the report should reflect this!

  6. As long as clients are daft enough to pay money into an IFAs account instead of direct to a provider then these criminals will still be around. All investment cheques should be made direct to recommended providers, no firm should hold client money, thus the problem disappears.

    Simples!

  7. Sean 3rd August:

    You are right, this has been reported very irresponsibly. It should have been stated that for only 3 of the 16 years he was a registered adviser and that this highlights the importance of checking that your adviser is on the register.

    Articles reported like this are damaging for all of us honest folk out there and it is very annoying. This was not just a case of IFA steals money.

    Also as was mentioned this highlights how to spot a dodgy so called adviser as genuine IFAs don’t handle client money.

    Why not print with a more helpful spinh for customers to learn from?

    Oh and I think that he should be banged up for longer. He INTENTINALLY STOLE HUNDREDS OF THOUSANDS OF POUNDS FROM SEVERAL PEOPLE IN SEPARATE CRIMES! I bet if I pinched a few porches from the financial district of London I would get banged up for longer!

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