Blackburn-based adviser jailed for £500k client theft

clock •

An adviser who skimmed £500,000 from wealthy clients' funds and pocketed the interest has been jailed for five years.

This Is Lancashire reported Stephen Smalley stole money from five client accounts, including his dementia suffering father-in-law, while working as financial services manager at Forbes Solicitors. Preston Crown Court heard Smalley stole from clients who he thought were "wealthy enough not to notice". The website reported Smalley took £524,440, including £28,857 from his father-in-law, while offering advice on savings, investments and pensions. When he tried to leave his employer the crimes came to light. The court heard he had not spent any of the money, but was gaining interest from ...

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

Women in Financial Advice Awards 2026: Photo highlights from the night

Women in Financial Advice Awards 2026: Photo highlights from the night

Celebrating the best women in advice and financial services

Professional Adviser
clock 06 November 2026 • 1 min read
Feel Good Friday: Rathbones donates £35,000 to London Youth

Feel Good Friday: Rathbones donates £35,000 to London Youth

Youth Work Week

Professional Adviser
clock 06 November 2026 • 1 min read
Women in Financial Advice Awards 2026: Winners' gallery

Women in Financial Advice Awards 2026: Winners' gallery

Championing women in advice and financial services

Professional Adviser
clock 05 November 2026 • 1 min read