Financial Adviser Turned High-Rolling Online Gambler Stole £2m From Clients
13 Sep 2006
CHESHIRE, England -- As reported by the Guardian: "A financial adviser who stole over £2m from his clients to feed an online gambling addiction was last night facing a substantial jail sentence after pleading guilty to theft, false accounting and forgery.
"Philip Smith, 48, exploited his reputation as a trusted investment expert to con people into parting with their cash and credit cards. His victims included a man with severe learning disabilities, a chronically ill woman and even a member of his own family.
"Smith, of Bowdon, Cheshire, used the money to fund an online gambling habit and an opulent lifestyle.
"...He was due to stand trial at Manchester crown court yesterday but pleaded guilty to theft, money laundering, false accounting and forgery worth £2.3m. He admitted stealing £1.75m and laundering £600,000. Police said they believe he had lost about £900,000 gambling.
"Smith will be sentenced in Manchester on October 10..."