A financial manager who swindled more than £2m from Friends Provident has been sentenced to three years in jail.
Paul Wood, from Bradford on Avon, was sentenced at Swindon Crown Court today after admitting eight charges of fraud at an earlier hearing.
The 48-year-old father of two was a private customer of Friends Provident and owned an investment bond policy with the company.
Between 2005 and 2009, by using a "loophole" in Friends Provident's control systems, he simply altered the time on faxes he was sending to experts instructing them to buy shares on his behalf.
By back-dating the faxes an hour or two, Wood knew how the stock had performed and cashed in on huge sums of money.
The prosecution alleged Wood may have netted as much as £3.9m, but he claims only £2m was dishonestly obtained.
Sentencing, Judge Douglas Field said: "When you started this you were a man of substance and you could have had no financial motive for doing this other than sheer greed."
Wood spent most of the stolen money on a luxurious lifestyle, including splashing out on a holiday home in the French Alps.
A further five counts of obtaining property by deception, which Wood denies, have been ordered to lie on file.
Following an earlier hearing, Wood was 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.
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