Adviser jailed for six years for 'fraudulent trading'

clock •

A Lincolnshire-based financial adviser has been sentenced to six years imprisonment for fraudulent trading.

Alan Richardson, who owned MFC Finance Ltd, was jailed after admitting his money lending business lost £1.2m of investors' funds through trading fraudulently. The business was touted to Richardson's IFA clients as a high-yielding investment vehicle, promising high rates of returns of over 18% and a safe return of capital. However, although by 2002 the company was insolvent, Richardson dishonestly continued to attract new investors whilst existing investors were unaware of the true state of the business, according to The Serious Fraud Office (SFO). MFC collapsed in 2004 owing over £1...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

WIFA 2026 headline sponsor video: LV= COO Anita Fernqvist talks female representation in advice

WIFA 2026 headline sponsor video: LV= COO Anita Fernqvist talks female representation in advice

'Different perspectives around the table bring breadth of thinking'

Professional Adviser
clock 03 November 2026 • 1 min read
FCA responds to Treasury Committee concerns over potential Budget leak

FCA responds to Treasury Committee concerns over potential Budget leak

Nikhil Rathi responds

Isabel Baxter
clock 03 November 2026 • 3 min read
Young adults lacking mental capacity will gain access to Child Trust Funds

Young adults lacking mental capacity will gain access to Child Trust Funds

Government proposals to benefit up to 126,000 young adults

Sophia Panayi
clock 03 November 2026 • 3 min read