Financial manager admits £2m Friends Prov bond fraud

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 a...