Adviser squanders client money on gambling - papers 13 Sept

Philip Smith, 48, who lived in luxury in stockbroker belt Cheshire, pleaded guilty yesterday to 49 offences of theft, money laundering, false accounting and forgery. The grey-haired conman would lavish time and effort to earn the trust and charm his way into the affections of his clients before plundering their credit cards and bank accounts, says the paper. Among a catalogue of crimes, he stole £185,000 from a woman in her 60s and an £82,000 legacy bequeathed to a 36-year-old man with severe learning difficulties. JOHN TINER, chief executive of the Financial Services Authority (FSA),...