Mr William Anthony ‘Robin’ Radclyffe, of Salisbury, was sentenced on February 11 at London’s Central Criminal Court.
Radclyffe pleaded guilty 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 also been disqualified from being a company director for five years.
From 1997 to 2004, acting as an unauthorised broker, the FSA says that Radclyffe made false and misleading statements to his clients about both the management and profit made by an illegal collective investment scheme that 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, the majority 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.
When 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 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. Our prosecution of this case is indicative of the FSA’s determination to deter wrongdoing of this sort.”