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...

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

Owning the 'why?': Verona Kenny reflects on six months at Aberdeen Adviser

Owning the 'why?': Verona Kenny reflects on six months at Aberdeen Adviser

'We need to be consistent. We need to get the basics right every single time'

Verona Kenny
clock 01 May 2025 • 4 min read
Fairstone refines buyout terms to focus on high-growth potential IFAs

Fairstone refines buyout terms to focus on high-growth potential IFAs

Updated DBO model to ‘support increased valuations’

Jenna Brown
clock 30 April 2025 • 2 min read
L&G drops fracture cover in critical illness and income protection overhaul

L&G drops fracture cover in critical illness and income protection overhaul

Increased pay out amounts

Jaskeet Briah
clock 29 April 2025 • 3 min read