An unauthorised stockbro-ker has been sentenced to 15 months in prison for offen-ces of dishonesty, including theft, following a prosecution brought by the FSA.
William Anthony “Robin” Radclyffe, of Salisbury, pleaded guilty at London’s Central Criminal Court to 15 offences under the Theft Acts, the Financial Services Act 1986 and Financial Services and Markets Act 2000, with a further 34 offences taken into consideration.
He has been disqualified from being a company director for five years.
From 1997 to 2004, acting as an unauthorised broker, the FSA said Radclyffe made false and misleading statements to his clients about the management and profit made by an illegal collective investment scheme he was operating.
Radclyffe also stole an investment portfolio valued at almost 100,000 and dishonestly failed to return 20,000 he owed to his former partner, who also invested in his scheme.
Radclyffe defrauded a number of investors, most of whom were friends, and losses attributed to Mr Radclyffe total more than 350,000.
As Radclyffe was not an authorised broker, his clients will not have access to the Financial Ombudsman Services or the Financial Services Compensation Scheme.
Sentencing Radclyffe, Judge Wiggs said: “You knew your actions were unlawful and those who suffered would not have course to recompense. You breached the trust of people who trusted you and regarded you as a friend.”
FSA director of enforcement Margaret Cole says: “Mr Radclyffe breached the trust of his clients, many of whom were friends, without consideration for how they would suffer by his actions. We hope others considering such dishonest conduct will take notice of the custodial sentence imposed.”