Adviser jailed for six years 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...