Two financial advisers have been found guilty of stealing more than £100,000 in commission from their colleagues and using the cash to fund lavish lifestyles.
Mark Bates and Alan Hill, partner and adviser at Sheffield-based PACE Financial Management respectively, have been told they face jail following the verdict at Southwark Crown Court, according to reports.
Jurors heard Hill should have received half the commission on financial products such as mortgages and insurance policies, but he failed to pay the company its cut of the money for some clients. The court heard he kept up to 90% of the commission in some cases.
Hill made a total of £370,000 during the five-year con, which began in 2002, making payments by cheque to Bates and his wife. More than £110,000 was paid to Mark Bates.
Among the clients Hill illegally profited from were two judges at Sheffield Crown Court - Roger Keen QC and Robert Moore QC - which meant the court case had to be tried outside South Yorkshire.
According to reports, the men conducted the scam by incorrectly filling out forms known as 'new business commission sheets'. The forms were not cross-checked so the pair filled them out incorrectly and pocketed the fees.
Hill and Bates were found guilty of conspiracy to defraud, conspiracy to obtain a money transfer by deception, and conspiracy to launder criminal property.
The jury heard the pair splashed out on a house in France and a flat in Spain while working for PACE.
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