A man has been sentenced to 40 months in prison after he conned elderly people out of a total of £844,010 to fund his gambling addiction.
Mark Pickering, of Rowley Close in Swadlincote, appeared at Nottingham Crown Court today (Thursday 19 October 2017) having pleaded guilty to eight counts of fraud by abuse of position of trust on Monday 14 August.
The 50-year-old was working as a self-employed Financial Advisor, when he persuaded eight people to provide him with their savings on the pretence that they would be placed into legitimate investment schemes. But instead, Pickering paid the money into his own account to fund his online gambling addiction.
In July 2016, Pickering approached an investment company he was working with and notified them of the theft of funds from his clients.
The police investigation that immediately followed, revealed he had lost nearly £1,155,000 through gambling online over a number of years.
Those affected have been reimbursed by the investment company.
DC Paul Cundy said: “It’s a very sad situation for a man to gamble away this much money, but Pickering knew exactly what he was getting into and had no savings or assets of his own. To steal from elderly and vulnerable people is completely unacceptable. His former clients trusted him with their life savings and he took advantage of them.”