A financial manager who swindled more than £2m from Friends Provident has pleaded guilty to eight charges of fraud, a court has heard.
Paul Wood, of Orchard Farm in South Wraxall, near Bradford on Avon, appeared at Swindon Crown Court on 24 June, according to Wiltshire police.
The 49-year-old admitted committing fraudulent acts relating to a number of investments held by Friends Provident Life and Pensions between 2005 and last year.
Wood was a private customer of Friends Provident and owned an investment bond policy with the company.
Using a "loophole" in Friends Provident control systems, he altered the time on his fax machine when he was sending instructions to switch units in his policies to gain a financial advantage.
The court heard Wood spent most of the stolen money on a luxurious lifestyle, including splashing out on a holiday home in the French Alps.
The prosecution have alleged the fraud involved totals £3.9m, but Wood only admits £2m was dishonestly obtained.
In addition to the charges he has pleaded guilty to, Wood could also be found in contempt of court because he sold his £1m Euro French chalet in February despite having his assets frozen by the courts in May last year.
A further five counts of obtaining property by deception, which Wood denies, have been ordered to lie on file.
The married father-of-two, whose wife is planning to divorce him, has been warned to expect a lengthy prison sentence.
Friends Provident will apply to force Wood to surrender his bond and will also make a compensation application to get back some of the defrauded money.
Another application will be made for Wood's assets to be confiscated under the Proceeds of Crime Act, say Wiltshire police.
Friends Provident spokesperson Peter Timberlake says this is the first case of its kind to hit the company.
"Wood was switching his money within the bond and doing it in such a way as to gain at the expense of others.
"This is the first time we have found this type of fraud. We have now changed our processes to stop this loophole."
The case has been adjourned and Wood is due to be sentenced on 23 July.
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