Gambling thief lost most of £694,000

An MP's brother frittered away more than £600,000 he stole from clients through his work as a financial adviser on a gambling addiction, a court heard today.

Martin Pearson, brother of Dudley South MP Ian Pearson, was jailed for four and a half years earlier this year after he was convicted of conning seven victims out of a total of almost £700,000.

One of his victims lost her entire life savings of £226,000.

Pearson, aged 48, of Sandy Lane, Tettenhall, Wolverhampton, created huge insurance policies and stashed the cash in a savings account.

His ill-gotten gains are believed to total around £694,000.

Today a Proceeds of Crime hearing at Wolverhampton Crown Court, sitting at the Waterfront in Brierley Hill, was trying to claim back cash.

The court heard that financial investigators had failed to find any assets apart from the home Pearson shared with his wife Doreen and a diamond bracelet recovered from the property worth £6,450.

Miss Samantha Powis, for Pearson, claimed that he had spent almost the entire amount he stole on gambling.

Questioning West Midlands Police Investigator Umar Dar, Miss Powis asked: "This was an extensive investigation which has taken you some time and you have found no evidence of hidden assets?"

Mr Dar replied: "No I found no hidden assets."

The hearing, which was expected to conclude today, continues.