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| Version 1 | Version 2 |
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| Cash adviser jailed for £2m fraud | Cash adviser jailed for £2m fraud |
| (10 minutes later) | |
| A financial adviser who conned clients out of £2.3m to feed an online gambling habit has been jailed for nine years. | A financial adviser who conned clients out of £2.3m to feed an online gambling habit has been jailed for nine years. |
| Philip Smith, 49, formerly of Gaddum Road in Bowdon, Greater Manchester, pleaded guilty to offences including theft, forgery and money laundering. | Philip Smith, 49, formerly of Gaddum Road in Bowdon, Greater Manchester, pleaded guilty to offences including theft, forgery and money laundering. |
| The court heard how Smith targeted the elderly and vulnerable, and used people's credit cards for betting. | The court heard how Smith targeted the elderly and vulnerable, and used people's credit cards for betting. |
| Judge Peter Lakin, sentencing, said he was a "callous, manipulative and thoroughly dishonest man". | Judge Peter Lakin, sentencing, said he was a "callous, manipulative and thoroughly dishonest man". |
| Smith conned at least 50 victims - many of them elderly - and gambled away at least £2m on the internet. One woman in her 80s lost more than £200,000. | Smith conned at least 50 victims - many of them elderly - and gambled away at least £2m on the internet. One woman in her 80s lost more than £200,000. |
| Philip Smith was a man driven by greed, selfishness and ultimately desperation Det Con John Ashington | Philip Smith was a man driven by greed, selfishness and ultimately desperation Det Con John Ashington |
| Passing sentence at Manchester Minshull Street Crown Court on Monday, Judge Lakin told Smith his clients had put their trust in him as a financial adviser. | Passing sentence at Manchester Minshull Street Crown Court on Monday, Judge Lakin told Smith his clients had put their trust in him as a financial adviser. |
| "You breached that trust placed in you in a cold and calculated way," he said. | "You breached that trust placed in you in a cold and calculated way," he said. |
| "You deliberately targeted elderly and vulnerable people. Being the consummate fraudster you are, you drew them into a web of deceit and conned them out of a substantial amount of money. | "You deliberately targeted elderly and vulnerable people. Being the consummate fraudster you are, you drew them into a web of deceit and conned them out of a substantial amount of money. |
| "This was dishonesty on a truly breathtaking scale." | "This was dishonesty on a truly breathtaking scale." |
| Smith had admitted 49 counts of theft, five of money laundering, two of false accounting and three forgeries at a hearing in September. | Smith had admitted 49 counts of theft, five of money laundering, two of false accounting and three forgeries at a hearing in September. |
| The court heard that he sent the money to offshore bank accounts and lived a lavish lifestyle on the proceeds of his crimes. | The court heard that he sent the money to offshore bank accounts and lived a lavish lifestyle on the proceeds of his crimes. |
| Many clients were allowed to stay at Smith's villa in Spain | Many clients were allowed to stay at Smith's villa in Spain |
| Some of those he conned had known him for more than 20 years, including his own brother. | Some of those he conned had known him for more than 20 years, including his own brother. |
| Many stayed with him in his holiday homes in North Wales or the Costa del Sol - paid for with the money he stole from them. | Many stayed with him in his holiday homes in North Wales or the Costa del Sol - paid for with the money he stole from them. |
| Smith pleaded guilty to stealing almost £1.8m over a 15-year period, though police believe he took at least another £500,000 from his clients. | |
| He used at least 70 credit cards belonging to his clients to make online bets worth £2 million and siphoned off at least £500,000 of this into his own account. | |
| The rest was lost or used to refund the cards of some victims. | |
| Smith's sentencing followed a long and complex investigation by Greater Manchester Police. | Smith's sentencing followed a long and complex investigation by Greater Manchester Police. |
| The force believes it was one of the biggest cases of theft by an individual it has ever investigated. | The force believes it was one of the biggest cases of theft by an individual it has ever investigated. |
| Det Con John Ashington, who worked on the investigation for 18 months, said: "Philip Smith was a man driven by greed, selfishness and ultimately desperation. | Det Con John Ashington, who worked on the investigation for 18 months, said: "Philip Smith was a man driven by greed, selfishness and ultimately desperation. |
| "He has left not only financial chaos and devastation in his wake, but also dozens of decent and hard-working people feeling shocked, shattered, betrayed and angry. | "He has left not only financial chaos and devastation in his wake, but also dozens of decent and hard-working people feeling shocked, shattered, betrayed and angry. |
| "I have seen at first hand the misery and distress that Smith has caused and I sincerely hope I do not have to deal with another case like this ever again." | "I have seen at first hand the misery and distress that Smith has caused and I sincerely hope I do not have to deal with another case like this ever again." |
| Mr Ashington said he hoped the case would serve to remind people to check the credentials of financial advisors with the Financial Services Authority (FSA). | Mr Ashington said he hoped the case would serve to remind people to check the credentials of financial advisors with the Financial Services Authority (FSA). |