View more on these topics

Norfolk IFA jailed after £1m thefts for racehorse business

A Norfolk IFA has been jailed for six years for stealing £1m from clients to fund a business buying and selling racehorses.

Matt Pearce, 41, of Thorpe St Andrew, Norwich, admitted a series of deception charges when he appeared before Norwich Crown Court.

The court heard that Pearce stole life savings belonging mainly to retired people putting the cash into a business he had set up buying and selling racehorses.

One victim who received a £100,000 payout for a head injury passed all his money to Pearce to invest and was later forced to declare him- self bankrupt.

Pearce persuaded the investors to give him cheques, in some cases blank, which he said he would place in high-income bonds, but which he used for his horse business.

Judge Peter Jacobs told Pearce: “Acting as an independent financial adviser you enjoyed the trust of a number of long-standing clients and it’s quite plain to me that though your business may not have been set up initially as a vehicle for fraud it rapidly became nothing other than a vehicle for fraud.

“The public must have confidence in the financial services industry. All this money was spent indulging yourself in what seems to be a mere fantasy. It was money that was being dispensed down a bottomless pit.”


Duffy on Mortgages

Television coverage of the general election was riveting and my missus was not at all impressed when I crept into bed at 3am after promising at midnight to be there “in 10 minutes, luv”. The dust now settled, I am, however, left with a stark sense of foreboding for our industry.

MBOs fuel private equity trusts

Private equity investment trusts are trading at a prem- ium and managers in the sector are confident that management buyouts and flotations will drive growth this year.

Webline announces deal with Avail

Webline has announced an agreement with Avail, the specialist suitability software provider to launch an integrated service for the portals users.Advisers will now be able to generate client specific suitability letters, demands and needs statements and mortgage confirmation letters, all personalised for the client within the portal.The facility is available on a 30 day free […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm