Staffordshire financial advisor jailed for £478k con
A crooked financial advisor who defrauded a string of victims, including members of his own family, out of hundreds of thousands of pounds was today behind bars.
Mark Lewis promised 'unrealistic' returns on investments in property schemes and solar panels, in some cases up to 25 per cent, but instead pocketed the cash, a court heard.
Victims from across the West Midlands, including Cheslyn Hay, Wednesbury and Dudley, many of them retired, lost life savings, pension pots, money put aside for grandchildren's education and in one case a beloved father's legacy. Several sat in the public gallery at Stafford Crown Court yesterday to watch Lewis being sentenced to more than six years in jail.
Lewis, 50, from Hednesford, was originally a partner in a legitimate mortgage advice business in Cannock but after setting up on his own he began conning people.
He claimed their cash would be invested in properties that would be renovated and sold on at a profit. Only one property was ever bought.
Recorder Miss Sally Hancox described his behaviour as moving 'almost seamlessly from recklessness to downright dishonesty'.
She told him he had caused his victims considerable anxiety due to 'a life's work, a life's savings, all disappeared, all through your calm words and confident promises'.
Lewis pleaded guilty to 16 charges of defrauding £478,000 from eight victims, from May 2008 to September 2012.
He had initially faced 39 charges of fraud totalling £2.2 million but not guilty verdicts were recorded against those.
While Lewis was on police bail over the property fraud, he began another con involving investment in solar panels.
Miss Hancox told him: "There can be absolutely no doubt that you used your background in property investment to compel others to have confidence in schemes you were putting forward as wise investment opportunities. If they ever were, they quite soon ceased to be anything of the sort.
"It doesn't take an economist to realise that when interest rates at the bank are barely above 0.5 per cent that an offer such as this was too good to be true."
She said even an uncle and cousin of Lewis's were taken in, losing just under £100,000 between them.
Mr Anthony Bell, defending, argued that Lewis had paid out some returns but had got into difficulties after the downturn in the economy. He said he was 'extremely remorseful'.
Lewis, of Oakdene Close, who has served six months behind bars on remand, was sentenced to six years and five months. He will serve half and then remain on licence.
