Brothers jailed for £16.7million fraud in father’s financial advisory business

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Offline TimeshareTalk

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Two brothers who invested up to £16.7million on behalf of more than 200 elderly and vulnerable clients, resulting in losses of more than £5million, have been jailed today.
Alan and Russell Taylor, from Norwich, ran Taylor and Taylor Associates. They abused the trust of clients for six years by targeting retirees, or those approaching retirement, to persuade them to invest in a high-risk scheme called the Vantage Trader Fund. Many of their clients had been advised for many years by the defendant’s father who had run the business before his retirement. They had no reason to question the advice the brothers gave.
The men would tell their victims the scheme was a safer investment than the savings they already had, but in reality it was high risk and left clients with a future of financial uncertainty. The clients’ money was placed in ‘contracts for difference’ which were effectively bets on stock price movements. The potential advantage was that large sums of money could be made with much smaller investments. However there could also be significant losses. [nofollow]