Financial advice fraudster to hand over £ 155,000 or face more jail time
A court has ordered a financial adviser, who defrauded clients of their savings, to hand over more than £ 150,000 within three months or face an additional 12 months in jail.
In September last year, Christopher Summers, 59, was jailed for six years after ripping off his three victims, one of whom was elderly and suffered from dementia, out of a total of £ 578,099 to fund his addition to the Game.
At a proceeds of crime hearing, held at Manchester Minshull Street Crown Court, Judge Bernadette Baxter learned that Summers ‘house in Longsight Road, Ramsbottom, had now been sold and James Preece, prosecuting, said that’ he owned identifiable assets with a total value of £ 154,848.
Judge Baxter ordered him to return the money, which will be used to help compensate the victims of Summers.
At its previous sentencing hearing, the court heard that Summers had turned to alcohol and gambling after his parents died.
In order to pay off his debt, the independent financial adviser tricked two clients into loaning him money, telling them it was for investments and, over a period of two and a half years, tricked a woman from 88-year-old with dementia writing 14 checks totaling almost £ 500,000.
Summers pleaded guilty to three counts of fraud.