A ‘fake' stockbroker has been sentenced to 15 months imprisonment for dishonesty including theft, the FSA has confirmed.
The unauthorised broker, William Anthony ‘Robin’ Radclyffe, from Salisbury, was prosecuted by the FSA for 15 offences under the Theft Acts, the Financial Services Act 1986 and the Financial Services and Markets Act 2000.
Radclyffe pleaded guilty to the offences, with a further 34 taken into consideration, and has been disqualified from being a company director for five years.
Between 1997 and 2004, Radclyffe made false and misleading statements to clients about the management and profits of an illegal collective investment scheme that he operated, according to the FSA.
In addition, he stole an investment portfolio worth almost £100,000 and failed to return £20,000 owed to his former partner.
Many of the investors defrauded by Radclyffe were his personal friends and total losses attributed to his deception are worth more than £350,000.
Upon passing sentence, His Honour 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.”
Those defrauded by Radclyffe are unlikely to recover their losses because he was not an authorised broker and his clients are not covered by the Financial Ombudsman Scheme or the Financial Services Compensation Scheme.
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