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IFA fraudster brothers jailed over £17m scam

IFA fraudster brothers jailed over £17m scam

Financial adviser brothers who scammed more than 200 people out of almost £17 million in order to fund their ‘lavish’ lifestyles were given jail terms after being sentenced at King’s Lynn Crown Court yesterday.

Alan Taylor, 38, was handed a six year sentence, while his sibling Russell Taylor, 37, was jailed for five years. The pair had earlier admitted fraud during a March hearing.

The court heard that the pair had persuaded investors to buy into their investment company, which then funnelled cash into a high risk finance scheme. While they banked the upside, any losses were passed on to their clients, with most victims estimated to have lost around half of what they invested.

The police said they are preparing a confiscation order in an attempt to claw back what they can from the brother’s spending spree, which included a £1 million house, £80,000 in collectible watches and a £45,000 boat.    

In a statement, detective chief inspector Liz Fernandes of the Eastern Region Special Operations Unit said: ‘This sentence can never make up for the heartache, anxiety, and trauma caused by the Taylors, but by stripping them of their liberty and lavish lifestyle, I hope we have brought some form of comfort and justice.’

The two perpetuated the fraud between 2008 and 2015. Former businessman Derek Secker told the BBC he lost ‘hundreds of thousands of pounds’ after being told his investment had been marked down by 45%.

‘It sent shockwaves because 45% of the fund I had was a heck of a lot of money,’ he said. ‘It's affected my children who I intended to leave it to.’

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